Categories: Latest

Budget Expectations 2017 – Varun Manian, Chairman & Managing Director, Radiance Realty

Chennai, January 31, 2017: It is expected that Union Budget 2017-18 will be a common man’s budget with no direct benefits for the real estate sector. The industry however expects that the Union Budget will provide indirect benefits in the form of alterations in the taxation structure and focus on promoting its affordable housing scheme.

Housing for all has been a prime focus area for the government and work is being carried out assiduously. Post demonetisation, banks have reduced lending rates and this comes as a positive for the government to achive its housing for all by 2022 by providing special interest rate reductions for EWS and LIG categories. It would be interesting to see if the Government will extend this to other categories as well.

Some areas which the real estate industry would like to see positive steps taken by the Government include relaxation in income tax rates and clarity on GST. Increasing the tax deduction limit along with reduction of stamp duty charges will allow the young working class to invest real estate and would subsequently be a boost to the sector. Announcement of policies for standardization of construction material and for allied industries such as steel and cement, which indirectly affects the cost of housing units, will uplift the real estate industry.

The sector’s long standing demand for accordance of an ‘industry status’ is another area that the Government should address in the upcoming budget. This will enable developers to avail of loans at reasonable rates of interest from banks and other financial institutions. The industry would also welcome the announcement of a single window clearance, which will help remove obstacles and enhance delivery time.

The introduction of the Real Estate Regulatory Act as well as demonetisation last year has been extremely disruptive for the real estate sector. Passing of the long awaited land acquisition bill and easier norms for FDI along with clarity on GST and RERA should be addressed, as these would act as catalysts for the growth of the real estate industry in the long run.

Corporate Comm India(CCI Newswire)

The Property Times News Bureau

Recent Posts

Marvel Realtors to Add 5 New Icons to Pune Real Estate Market

The Company has delivered 27 MN SQ. FT through 9000+ apartments till date Pune, January…

2 days ago

2024 Sets New Benchmarks for Indian Real Estate, gears up for 25% Growth in 2025

By Rakesh Reddy, Director, Aparna Constructions The Indian residential real estate sector has experienced remarkable…

2 days ago

Antica Ceramica Launches Marble-Look Tile Collection: The Perfect Blend of Luxury and Practicality

New Delhi, January 03, 2025: Antica Ceramica, a leader in innovative tile design, has recently launched…

2 days ago

Motilal Oswal Bullish on Signature Global, Issues BUY Rating with Target Price of ₹2,000

New Delhi, January 03, 2025: The leading brokerage firm Motilal Oswal remains bullish on Signature…

3 days ago

Mumbai Real Estate Market Surges in 2024: Highest Property Registrations in 13 Years

New Delhi, January 03, 2025: Mumbai's real estate market has achieved a historic milestone in…

3 days ago

Budget Expectation of Real Estate Sector by Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

New Delhi, January 03, 2025: As we approach the upcoming budget, the real estate sector…

3 days ago