A major boost is being given to promote the creation of housing estates geared towards the middle income group and helping first time buyers onto the property ladder
Most important measures:
Exemption of registration duty for residential units up to Rs4m for first time buyers
Easing of thresholds for acquisition of apartments by non-citizens
- Increase in the maximum selling price of a unit in a middle income tier housing estate from Rs2.5m to Rs4m under the incentive schemes subject to registration on or after 1 January 2013
- Full exemption from registration duty on the purchase of a residential unit not exceeding Rs4m (up from Rs2.5m) and on land purchase of Rs1m (from Rs750,000) for first time buyers
- Exemption on the Land Conversion Tax for the following purposes:
- construction of buildings for technical and vocational training;
- manufacturing activities;
- power stations for renewable energy; and
- golf courses.
- Non-citizens allowed to acquire an apartment in ground +2 complex for:
- professionals earning more than USD3,000 per month and persons having invested more than USD100,000 and
- persons investing a minimum of USD500,000 in a qualifying business activity.
- RES and IRS taxes rationalised with taxes on local real estate.
- Plugging of loopholes in existing laws relating to the transfer of immovable property
- Incentives for the purchase of energy efficient household goods and equipment.