Budget 2014: FM Arun Jaitley announces a slew of measures to revive real estate sector : Allocation of Rs 7,060 crore for development of 100 smart cities, relaxation of norms for the entry of foreign capital and tax relief on home loans. In his maiden Budget, he announced a reduction in the size of real estate projects eligible for foreign direct investment (FDI) to 20,000 sq metres from 50,000 sq metres and halved the threshold limit for FDI to $5 million, but said the builders that allocate at least a third of their projects for low-priced homes would be exempted from these caps. The government will also provide necessary incentives for real estate investment trusts (REITs), which will have a pass-through for purposes of taxation and thereby avoid double taxation, Jaitley said in his Budget speech, adding that he hoped the measure would help the sector raise long-term funds from both domestic investors and non-resident Indians.
Posted on: Sat, 12 Jul 2014 10:16:33 +0000
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