Hike in real estateMarch 08,2010
The decision to buy a house seems like a no-brainer. After all, it is a highly in demand tangible treasure that sees constant appreciation most of the times, besides of course, fulfilling the most basic need of mankind — shelter.
If you are planning to buy a house, then it is good to grab it now since the realty prices seem to touch sky from July since Banks have decided to increase interest rates in the range of 0.25-0.5 % points on home loans, which could further be hiked in the awaited credit policy. Moreover, the service tax of 3.3%, announced in the Budget, will be effective on your home from July.The realty developers also plan to pass the burden of service tax imposed on them, onto the end customers. Along with these taxes, someone buying a house property in Delhi will have to pay a stamp duty of 8 percent as a sale of immovable property.
Realty developers are not pleaded at many budget details.Companies including realty majors like DLF, under the patronage of Delhi-based real estate body National Real Estate Development Council (Naredco), Omaxe’s group will soon approach the FM for a rollback of service tax. However, finance ministry executives have said they won’t entertain any appeal for change in the Budget proposal. Even Mr.Y.G. Parandhe from Central Board of Excise and Customs made this crystal clear through his statement , “We are not taking up the issue as it stands now”.
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