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How has the performance of the housing sector in Bengaluru been in 2018?
Clear Title, your builders in Bangalore, note that the residential markets in Bengaluru showed strong signs of recovery in 2018. The implementation of the regulatory reforms namely RERA and the GST created a positive impact. JLL Research indicates that Bangalore witnessed an 81% annual growth at 37,286 units in new launches in 2018 as compared to 2017. In addition, positive consumer sentiment in the post-reforms phase has seen increased sales.
However, the increase in launches has added to the number of years needed to sell (YTS) the existing unsold inventory. This, combined with the sluggish demand of the few previous years, has resulted in housing prices remaining steady. This is expected to increase the sales momentum in 2019. Residential prices over the last five years has increased marginally at a CAGR of not more than 1.5%. Average prices in Bengaluru currently stand at INR 4,150 per sq. ft.
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What is the impact of the Union Budget 2019 on the housing sector?
Your builders in Bangalore observe that the 'New India Budget' is expected to boost the real estate sector and keep up the pace of development achieved in 2018. The Budget has created a positive impact on the real estate sector with revival of consumer sentiment. The tax relief to the middle class is expected to spur the demand for the mid-segment housing segment. The Budget clearly focuses on both homebuyers and developers with unsold inventory.
Experts believe that Budget 2019 is progressive and favorable for the real estate sector for the following reasons:
The interim budget hailed as Vision 2030 stated an ambitious goal to become a 5 trillion economy in the next five years by building next-generation infrastructure and a strong digital India.
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The government proposes to reduce the GST burden on homebuyers. This is a highly welcome move.
In tune with the government's vision of 'housing for all', more homes are to be made available under affordable housing.
Extension of the period of exemption of tax levy on notional rent on unsold inventories from one year to two years, from the end of the year in which the project is completed, comes as a relief to the developer community.
The proposal to exempt levy of income tax on notional rent on a second self-occupied house is well addressed.
Rollover of capital gains tax on the sale of houses from one to two houses is a great relief to the Indian salaried class.
Full tax rebate for individual taxpayers having taxable annual income up to Rs 5 lakhs increases the confidence of the salaried class. It is likely to benefit approximately 3 crore tax payers and increase the demand for affordable and mid-income housing segments. This will enable the salaried class to service their loans and invest in real estate.
In the case of affordable housing projects, the benefit under the provisions of Section 80IB-A (100% deduction on gains from these projects) has been extended for one more year, until 2020.
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