Pre-budget expectations for the real estate sector by Mr. Praveen Shetty, Vice President – Marketing, Runwal Group.

New Delhi, February 01, 2020: 2019 was an eventful year for the real estate market and there are high expectations from the upcoming budget. However, it needs a more significant push for a robust development as it contributes largely to the country’s GDP. With GST, stamp duty, income tax, and capital gains tax already a burden on homebuyers; an income tax rebate could be provided for new home buyers. The real estate sector has been going through a cash crunch and the current NBFC crisis has worsened it. Therefore the industry hopes, the government will help the sector in raising funds from other sources by relaxing norms. Including ITC benefit in GST for under-construction homes will be a great incentive to reduce property prices and make under-construction homes attractive again. Timely completion of projects has always been a concern, and a single-window clearance will help to swiftly execute projects making it a win-win situation for developers and homebuyers. We hope for a budget that is conducive and propels the growth of the economy, boosts the real estate sector, benefits the homebuyers and provides relief to the developer community.