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above 2,000 sq ft or costing Rs 1 crore and above has been reduced from 75 per cent to 70 per cent. Effectively, this translates into an increase in service tax outflow, which means that luxury housing will now become even more expensive," Jones Lang LaSalle India Chairman & Country Head Anuj Puri said.
The setting up of the Urban Housing Fund by the NHB will infuse liquidity for urban housing, thereby boosting demand.
"The TDS of 1 per cent to be charged on the transfer of immovable property is an obvious move to curb speculation and bring about improved reporting and accountability in high-value immovable property transactions," Puri said.