Budget 2021-22 Is Expected To Bring a Ray of Hope
Ashok Mohanani, President – NAREDCO Maharashtra
The much-awaited budget 2021-22 is expected to bring a ray of hope as industry looks forward to a favourable budget this year. Although the Central and State Government has rolled out several reforms and incentives during the past quarters to restore the economy of Indian real estate, many more reforms are expected by real estate players in Budget 2021-22 that shall provide further respite in the market.
Both the developers and buyers hope that the upcoming Union Budget will introduce reforms like tax sops and correction in prices which will further benefit and stabilise the industry. The industry expects if 1% GST for affordable housing can be extended for another fiscal year along with the removal of 45 lakh cap will surely be a great deal for Affordable Housing segment; from the perspective of first-time homebuyers, we expect the full benefit of interest to taxpayers should be provided; look forward to re-introduce GST with input tax credit on under-construction properties which will generate the demand among homebuyers; there is a specific need of tax relief to spur in significant real estate growth; along with single window clearance and lowering of home loan interest rates that will definitely go a long way in improving the market sentiments. Also, the ‘industry status’ for real estate has been the long-standing demand by the sector; we anticipate that the Government can address the concern.
Overall, the industry expects that the Government will take substantial measures to further strengthen not only the real estate sector but the entire economy.