‘Housing for all’ has been a long standing dream of successive governments at state and the Center. As the old adage about the basic need goes “Roti, Kapda aur Makaan”, Makaan has been the most difficult to deliver at mass scale. To solve this the central government had introduced the Pradhan Mantri Awas Yojna (PMAY), which encompassed various schemes giving incentives to both developers and home buyers.
One of the more popular scheme was the Income tax holiday provided to Developers under section 80-IBA for specific projects. The projects should have flats with less than 90sq.m. carpet Area and have a sale price of less than 45 Lakhs. This benefit would only be available to projects which have received municipal clearance on or before 31st March 2022. Most of the developers choose to pass on the benefit to the customer, making it the most opportune time for home buyers to plan their dream home purchase.