With all the plush residential projects in Bangalore vying with each other to give you the best of amenities at competitive prices, it is quite tempting to buy a home but also a decision that requires considerable thought which is what must have brought you here.
The answer is a big YES! As per the current year’s financial budget, the tax holiday for the affordable housing scheme has been extended by a year. Also, under Section 80EEA, the maximum amount of interest that one can avail on the home loan through the scheme has been increased to 3.5 lakhs from 2 lakhs. Apart from this, a tax benefit is being extended to first-time homebuyers whose property has a stamp duty value of up to Rs45 lakhs.
Additionally, the government has planned to invest 102 lakh crore on infrastructure projects in the coming 5 years which include sectors such as power, railways, urban irrigation, mobility, education and health.
There has also been a proposal by the honourable finance minister to increase the circle rate from 5% to 10% for the purpose of taxation. Earlier, if the market value was less than the circle rate by more than 5%, the difference was counted as income for both the buyer and seller. But this proposal would be a boon to both parties involved and provide relief to the real estate sector. All these factors have led to an increase in the sale of properties in Electronic City as it is an area where there is a constant development of infrastructure.
The government is also planning on a stressed asset fund for stalled projects and the establishment of “Special Window” to provide priority-based debt financing for completing stalled residential projects for the affordable and middle-income housing sector. Along with these measures, the cut in GST and the RERA Act has proved to be beneficial to the buyers and sellers.
Now that you know the answer, you would also want to check out the top developers for buying your dream flat in Electronic City.
- Mahendra Homes
Known for their extremely large open spaces and a penchant for greenery, their apartments in Electronic City, Bangalore are designed to make you feel that you are living in an independent house and not a flat. With more than 40 amenities that include some unique ones as well like a pet park, senior citizen’s corner and private terrace gardens, it is certainly a dream home for any individual.
Their projects Mahendra Elena, Elena-5 and Aarna are considered as some of the best apartments in Electronic City and the best part is most of them are ready-to-move and RERA approved.