In a major Diwali bonanza for home buyers, the Narendra Modi government has increased the circle rate exemption to 20 percent. The announcement was made by Union Finance Minister Nirmala Sitharaman on Thursday under the "Aatmanirbhar Bharat Package 3.0'.

The finance minister had announced an economic relief package worth Rs 2,65,080 crore. In the package, the government has decided to provide relief to the laborers, farmers and middle class and industries.

"Home buyers and developers are given relief in income tax. This will boost residential real estate and the middle class will feel a little relieved.  It has also been determined to increase the difference in circle rate and agreement value from 10 percent to 20 percent," Nirmala Sitharaman had said.

The finance minister said that the increase in the circle rate exemption will be with effect from the date of announcement till June 30, 2020 for the sale of residential units up to Rs 2 crore. The move will reduce the hardships faced by both home-buyers and developers and help in clearing the unsold inventory.

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