New Delhi, July 05, 2019: “The real estate sector is very optimistic about the upcoming budget and hopes it will include provisions to provide immediate relief to all the industry stakeholders. In the backdrop of sluggish growth and persistent low demand scenario, the entire real estate sector is undergoing stagnation phase and there is a clear lack of buyers’ movement in the market. Hence we expect the upcoming budget to include additional income tax deductions for the homebuyers, at least for the customers buying housing units under affordable segment. We also expect the full budget of the current financial year will raise the exemption limit on the interest to be paid by the homebuyers on home loan. Such announcements will immediately boost consumer sentiments and increase demand for affordable and mid-income housing. Subsuming of stamp duty in GST is another major demand from the home buyers and developers alike. Moreover, we expect the upcoming budget to help in restoring the faith of all the stakeholders by including the long-awaited measures like introduction of dedicated Single Window Clearance system for speedy clearances and approvals of the projects. The current input tax mechanism under GST has been an area of major concern for the real estate developers engaged in the construction of affordable housing projects and so, we also look forward to some encouraging announcements on this front in the upcoming budget.”
Corporate Comm India (CCI Newswire)
