Union Budget 2022 announced by the worthy Finance Minister Nirmala Sitharaman allocated 40,000 crores for the prominent PMAY Yojana. This current budget rendered faster approvals for genuine housing specifically in urban areas of India. She also assured establishing an expert panel for providing suggestions on policymaking, implementation as well as capacity building. But in reality, the real estate industry has indeed been dissatisfied with the central government’s attention on the affordable housing program, or PMAY scheme, in the budget of 2022-23.
Union Budget 2022: What it implies for Homebuyers?
Union Budget 2022: Reduced business rates and registration fees, a subvention programme, and a modification of home loan tax deductions between 2 lakh to 5 lakh are among the ideas submitted by the homebuyer community for inclusion in the Budget 2022.The Union Budget for 2022 focused on low-cost housing, sustainability, and developments.
Enhancement of Pradhan Mantri Awas Yojana
“In 2022-23, 80 lakh residences will be finished for the recognized eligible persons of the PM Awas Yojana, including rural and urban,” the Finance Minister assured during her Budget speech. The federal government will collaborate with states to reduce the time it takes for all property and construction-related approvals, as well as to promote affordable homes for the middle class and economically disadvantaged people in metropolitan areas. We will also collaborate with financial sector regulators to increase access to financing while lowering the cost of intermediation.”
The FM announced the construction of 80 lakh dwellings for qualified beneficiaries as per the scheme of 2022-23, with the goal of “Housing for All” by March 2022. The government has given a total sum of 48,000 crore, with 60,000 dwellings for additional people in both rural and urban areas. To encourage subsidized housing for economically weaker sections and middle-income groups, the central government will cooperate closely with state governments to expedite land and construction-related clearances.
Home Loan Benefits
There are several tax benefits for homebuyers in India, ranging from interest reductions on home loans to discounts for the reinvestment of asset sale proceeds into a new property. However, purchasers who are stuck with unfinished projects have expressed dissatisfaction with the lack of extra tax deductions for mortgages on home loans.
Quicker Green Clearances
The problem of clearances, which caused housing projects to be delayed for any length of time, has now been resolved in the Union Budget 2022. Many websites for green approval, have now broadened the scope and application to include homes that are awaiting green certifications. Thanks to green approvals, homebuyers will no longer encounter delays in housing projects.
Residential localities along Roadways
With a greater focus on the development of roadways and highways, there will be robust residential development to be noticed along with them. Moreover the current “PM Ghati Shakti Scheme” getting a real-time boost, would certainly attract a larger number of investors and homebuyers in the future too.
TDS Application for Homebuyers
In the Budget Speech 2022-23, the Finance Minister recommended letting homebuyers deduct 1% TDS which implies Tax Deducted at Source. The stamp duty costs or the payments made to the seller, whichever is higher, will be deducted as TDS. This rule does not apply to non-agricultural land with a selling value of more than 50 lakh in stamp duty costs.
Section 80 EEA Extension for Homebuyers
Over and above the 2 lakh rebate claimed under Section 24, 1st homebuyers who have bought recently dwelling properties with a value of 45 lakh can reclaim extra tax discounts of 1.5 lakh annually. The duration of Section 80 EEA has been extended until March 31, 2022.
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