Interim Budget 2019: Quote of Kamal Khetan CMD Sunteck Realty Limited

"The budget presented by the government is positive for the real estate sector as it would boost demand for housing which would benefit the organized developers and property buyers alike. From the developers’ perspective, exemption from tax levy on notional rent from unsold completed inventory has been extended from one year to two years. This would lead to lower tax outgo and enable property developers more time to liquidate their completed units. In order to give further boost to the Housing for All scheme, the benefits under Section 80-IBA of the Income Tax Act is being extended for one more year for affordable housing projects. This would incentivize developers to launch more projects in the under-served affordable housing segment. From buyers standpoint, measures such as no deduction of TDS on rental income of up to Rs 2.4 lakh which was earlier Rs 1.8 lakh, capital gain benefit under Section 54EC upto Rs 2 crores has been broadened to reinvestment of proceeds in two residential houses from one earlier. This will provide more options to the buyer for investing into properties. Additionally, levy of income tax on notional rent for a second vacant house has been exempted. All in all, a boost to the housing sector." Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd