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The common man always hopes for a budget union advertisement that positively influences his life – for example, by expectations Budget improving their income and helping them get a job. Similarly, the real estate sector also expects that the budget will reduce its major problems and promote growth in the industry.
1. Solving money related issues
Real estate sector is facing a major funding crisis due to suffering in NBFC (non-banking financial) sector. “Real estate sector expects that to ease the ECB regulations (external trade lending) to ensure a steady flow of capital from foreign investors. Similarly, housing bonds and special HFC grants at the same level with the sector ( Housing finance companies), the banker will help provide expectations Budget the necessary housing for the housing sector in all markets and geographical areas. “Anshuman Mazarin, President and Chief Executive Officer – India, Southeast Asia, Middle East, and Africa, confirm the formation of ambitious government care programs. “Housing is a reality for everyone, the requirements are essential for these reforms.”
2. Support for affordable housing
Although the government has taken several initiatives to promote affordable housing in the country, experts say that there is scope for further steps. According to NIMish Gupta, MD of South Asia, RICS, there is a possibility of an important stake in investment in infrastructure development. This will help developers to increase the access to money, in addition to starting rental housing, to develop expectations Budget affordable housing projects. Says Gupta, “The highest level of compliance and adoption of best business practices will require overlapping with the development of technology and distribution mechanism for an affordable housing scheme.”
3. Rationalization of taxes
The real estate sector is also expected to give more relaxation in GST rates. Recommendations were also made to reduce corporate tax and expand the SEZ program. It is feared that if the stimulus is withdrawn by the SEZ, it can badly affect the area’s ability to make jobs. “We expect Moody 2.0 to consider reducing GST for the transfer, where the margin is slim,” Pewin said in a statement. The current GST rate puts a huge burden on end consumers.
4. Cross-purchase residential and commercial property, from sales revenue
Currently, there are restrictions on tax benefits, if the residential property vendor uses sales proceeds, to buy commercial property, or vice versa. Analysts hope that the government will take initiative to purchase commercial property and vice versa, allowing the use of income from the sale of residential real estate.
5. Infrastructure Development
According to the magazine, the EU budget should focus on infrastructure and a comprehensive plan for the development of infrastructure and housing in Tier 2 and Tier 3 cities. Strengthening the infrastructure will not only benefit the real estate sector but will also help other industries and generate employment opportunities in large scale in the economy. “To create large-scale residential projects, tax benefits under section 80-IA and Section 35AD (deduction to encourage private sector participation in the infrastructure sector) should be expanded to include integrated township projects, By incorporating it into the definition of an infrastructure facility.
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