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The benefits of budget 2018 for real estate buyers and sellers

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chandrakant joshi
chandrakant joshi

Real estate company head, Nabil Yusuf Patel explained that the circle rate in the key cities had been increased, which in return have crossed the market rates.

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The benefits of budget 2018 for real estate buyers and sellers
A property valuation up to 5% below the circle rate has been allowed in the 2018 budget. This will benefit the buyers and sellers to a certain extent. For both the buyers and sellers, people will get a tax relief benefit. The property can be valued up to 5% below the circle rates while the capital gains tax and stamp duty are calculated. Regarding the budget, the finance minister declared that in transaction of immovable property, no transactions will be made if the circle rate does not exceed 5% of the consideration. Real estate company head, Nabil Yusuf Patel explained that the circle rate in the key cities had been increased, which in return have crossed the market rates. This created a gap between the two rates, which previously, was an income for both the seller and buyer. A gap of 5% between these two rates has been allowed by the finance minister. This is expected to eliminate the irritant and assist in secondary market transactions.
Many experts in this field who are renowned like Nabil Patel, Director of DB Realty reckoned that the capital gains will not face any significant impact in the key cities. This is because a 5% variation is allowed between the two prices. Further, similar properties in the same area can face this variation during the transaction due to various factors. The various factors include the location and shape of the plot. To a large extent, this move made by the government will bolster the real estate sector. Both buyers and sellers will benefit when these regulations come into the effect.
The benefits of budget 2018 for real estate buyers and sellers

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The benefits of budget 2018 for real estate buyers and sellers

  • 2. A property valuation up to 5% below the circle rate has been allowed in the 2018 budget. This will benefit the buyers and sellers to a certain extent. For both the buyers and sellers, people will get a tax relief benefit. The property can be valued up to 5% below the circle rates while the capital gains tax and stamp duty are calculated. Regarding the budget, the finance minister declared that in transaction of immovable property, no transactions will be made if the circle rate does not exceed 5% of the consideration. Real estate company head, Nabil Yusuf Patel explained that the circle rate in the key cities had been increased, which in return have crossed the market rates. This created a gap between the two rates, which previously, was an income for both the seller and buyer. A gap of 5% between these two rates has been allowed by the finance minister. This is expected to eliminate the irritant and assist in secondary market transactions.
  • 3. Many experts in this field who are renowned like Nabil Patel, Director of DB Realty reckoned that the capital gains will not face any significant impact in the key cities. This is because a 5% variation is allowed between the two prices. Further, similar properties in the same area can face this variation during the transaction due to various factors. The various factors include the location and shape of the plot. To a large extent, this move made by the government will bolster the real estate sector. Both buyers and sellers will benefit when these regulations come into the effect.