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Posted: May 18 2011, 08:56 AM
Member No.: 3,271
Joined: 18-May 11
The encouragement to the individual landlord would stem from reforms of the property taxation system to place valuation and assessment of rental housing at least on par with owner-occupied housing. In fact, when considering the taxes on Apartments Ernakulam district has property taxation policy, which is the reverse of income taxation where higher deduction of loan installment for house building loan is allowed for houses given out on hire, apart from deduction of tax, and maintenance costs of houses from rental income from tax computation. The rate of return on the house to be let out is a function not only of interest on investment, but also of variable factors like the cost of maintenance, property tax, and the tax on rental income over which the landlord has no control.
The issues of property tax, rent control and the rate of return from rental housing are interrelated, and it is here the government and the large household sector have a continuing interface, apart from the general environment for shelter production. Another area for public sector intervention is in reducing the cost involved in searching for a new property and the waiting period of the prospective tenant. The property brokers usually deal only in high-income properties, and do not find it worthwhile to deal with low or middle-income seekers of rental housing. The housing guidance centers, proposed by the government is to make available necessary information on rental housing at all levels and for helping the people to reach out to the landlords.
In Ernakulam maintenance and management of an apartment is not at all a problem, due to the cost effective high-class services being offered by the different public and private agencies. Even if a customer who has brought an apartment is not physically present, the entire management of his property is taken care of at nominal costs.[B]