Finance minister Nirmala Sitharaman’s thrust for reviving home sales did little to enthuse investors on the Street. The Nifty Realty index turned out to be the biggest loser, falling as much as 7% in the last two trading sessions since the Union Budget.
Indeed, there were incentives to boost affordable housing. For houses worth up to ₹45 lakh, interest payments on home loans will now be tax deductible up to an amount of ₹3.5 lakh per annum, instead of ₹2.5 lakh earlier.
Further, norms for exemption have been tweaked to include a larger area of living space. The cap on the of size of houses that qualify for these sops has been doubled to 60 square metres in some cities and increased from 60 to 90 square metres in a few others.
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