The real estate sector in Chennai and Bangalore had high expectations from the union budget of 2016-17 and it turned out to be a mixed bag with the various pros and cons in the real estate sector. The main concern for government was in three key initiatives- Housing for all, a hundred smart cities and affordable housing, which will surely provide boost to the real estate sector. In the mixed bag of finance minister there were some things which were ignored. Let us give a glance to the hits and misses of the budget 2016 which turned out to be the boon and bane for real estate sector. Various 3 BHK apartments in OMR Chennai are on the verge of completion and they are being developed by the premier developer BSCPL infrastructure ltd.
For the first time home buyers, the extra interest of Rs 50,000 will be deducted for the loans up to Rs 35lakh and that too sanctioned in the financial year of 2016-17. The government has regulated and controlled the amount of principle sum by Rs. 50Lakhs. For tenants, government has increased the rent payments to Rs 60,000 from present Rs. 24,000. 2.5 BHK flats in Whitefield Bangalore are the best option for investment in the Bangalore and they are readily available from BSCPL infrastructure limited.
The major benefit to the investors in the real estate sector is the real estate regulatory bill. This bill was passed in the parliament which enforces the developer to pay the interest if he is not able to provide the project to the investor on the given time frame. This bill turned out to be the sense of relief for those investors who were waiting for their project completion.