#RealtyNewsRoundUp: Home Loan Subsidy Scheme Under PMAY Extended Till March 2020

Description

The Centre has extended the Credit Link Subsidy Scheme (CLSS) on home loans for the Middle-Income Group (MIG) category under the Pradhan Mantri Awas Yojana-Urban till March 2020. The CLSS scheme for the MIG category was originally launched for 12 months till December 31, 2017, but was later extended by 15 months to March 31, 2019.

***

Despite higher housing credit growth and better bank lending rates, house prices in the country have been cooling in the past five quarters, according to the Financial Stability Report released by the Reserve bank of India (RBI) . The all-India housing price index reduced to 5.3 per cent during April-June, 2018, while housing credit also declined to as compared to 2015, shows the report.

***

Prime Minister Narendra Modi has hinted at the introduction of GST (goods and services tax) on completed residential property in a bid to simplify the tax structure for the real estate sector. Modi said his government wanted to impose a five per cent GST on all classes of residential properties, completed or under construction.

***

In the New Year, Noida would get infrastructure projects worth Rs 2,881 crore. While some of these projects would be inaugurated in 2019, works on others would start during the course of the year. Among the projects that will be inaugurated this year include a Dada-Dadi Park at Sector 62, a Traffic Park at Sector 108, a Shilp Haat and Bunkar Bhawan at Sector 33-A, and a Command Control Centre at Sector 94.

Source: Media reports