Since the last eight years, income tax slabs have not changed, so homebuyers had expected a considerable relaxation of tax benefits in home loans. Also, the recent rise in interest rates following an increase in repo rates by the Reserve Bank of India had also forced many to put a lid on their property buying decisions. In order to increase middle-class buying power, FM in the Union Budget said the income tax rebate threshold has been increased from Rs 5 lakhs to Rs 7 lakhs.

The first important event that every Indian looks forward to at the start of every year is the Union Budget. Investing in real estate through the purchase of a home or in any other form has plenty of benefits like that of long term wealth creation, security as well as getting you tax benefits. Union Budget 2023 will be announced on February 1 by Finance Minister Nirmala Sitharaman.

The realty sector, in particular, is visibly battling rough waters and appears to regain its footing, slowly, albeit steadily. Through the course of the last year, the sector received relief measures in the form reduced home loan rates, stamp duty charges, and subsidized costs for developers to address the steep downward slump the sector experienced. While these have germinated nascent seeds of growth, the sector is still in dire need of bold developer and homebuyer friendly policies, designed to spike up demand. Here’s a look at how the housing sector and the individual homebuyer fared in the Union Budget of 2021.