Realtors Outsource

Realtors' body NAREDCO on Tuesday suggested that the tax exemption on interest on self-occupied property loans should be increased to Rs 5 lakh in the upcoming budget from Rs 2 lakh currently to boost housing demand amid a rise in housing prices and mortgage rates. Builders also sought some tax incentives to boost demand and supply of affordable homes. NAREDCO noted that under Section 24 of the Income Tax Act, the deduction allowed on interest on loans for self-occupied property is limited to Rs 2 lakh. "Given the rising property prices and interest rates, NAREDCO proposes increasing this limit to at least Rs 5 lakh," the association said in a statement. The realtors' body mentioned that currently the annual value of property held as stock-in-trade and not let out is considered nil for up to two years from the end of the financial year in which the construction completion certificate is obtained. After this period, the notional income is taxed. It suggested that this provision sho

Real estate developers have acquired nearly 2,200-acre land parcels since January last year for around Rs 26,000 crore, mainly to develop residential projects, according to JLL India. In a statement, real estate consultant JLL India said that the developers have acquired around 2,181, acres of land area in the last 17 months (January 2022-May 2023) valued at over Rs 26,000 crore, with an estimated development potential of around 209 million square feet in 104 separate land deals. Out of 2,181 acres, JLL said around 578 acres (27 per cent) of the land was acquired in the first five months of 2023 alone. Branded developers have successfully closed many land transactions in top metros as well as tier 2-3 cities, driven by the resilience shown by the real estate sector. Delhi-NCR, Chennai, Mumbai Metropolitan Region (MMR) and Bengaluru lead in terms of total land area transacted accounting for 72 per cent share (around 1,576 acres), having a development potential of around 150 million

Real estate developers remained active on land acquisition for future development and they closed at least 87 land deals totalling 1,862 acres during the last fiscal year, according to Anarock. During the previous year 2021-22, real estate consultant Anarock noted that 44 land deals accounting for about 1,649 acres were closed across various cities. Anarock Chairman Anuj Puri noted that size of the deals were smaller in the 2022-23 fiscal as compared to the previous year. Of all deals closed in FY23, at least 76 accounting for about 1,059 acres were in seven major cities, and the remaining 11 deals accounting for 803 acres took place in Tier 2 and 3 cities including Ahmedabad, Kurukshetra, Lucknow, Nagpur, Panchkula, Panipat, Raigad and Surat. Among the top seven cities, Mumbai Metropolitan Region (MMR) saw the maximum 25 land deals accounting for over 267 acres, followed by Delhi-NCR with 23 land deals totalling 274 acres. In terms of total land transacted, Chennai saw maximum at

DLF is also getting its senior staff to work as co-ordinators to deal with various outsourced work