Categories: Market

Prebudget expectations 2020: Government needs to focus on measures to boost all segments in real estate sector – Lindsay Bernard Rodrigues, Director, Bennet & Bernard Group

New Delhi, January 20, 2020: The real estate sector, which is one of the major contributors to India’s GDP, has undergone significant changes in the last few years making it more transparent and credible. A series of key decisions taken by the government to revive the realty sector has improved consumer confidence and the impetus given to the residential sector is expected to yield positive results in the near future. These reforms will also be instrumental in attracting investors, institutions and private capital players into India real-estate market.

Some of the aspects that the government needs to take into consideration in the upcoming budget are granting of industry status to the overall real estate sector, implementation of single window clearance and revision of the income tax slab to boost demand and open up more financial options for developers. Housing loan interest rates also need to be reduced to push demand and sales. A key expectation is the restoration of income tax benefit on a second home which will benefit home buyers in a big way and also stimulate the real estate sector. It is also important that the rental housing be incentivised to address the shortage concern. There is also need to abolish stamp duty or merge it with existing GST rates to cut costs for consumers and also offer personal tax relief. We also expect implementation of land reforms and greater liquidity to NBFCs in the market, which will prompt more investors to come in. Overall, we hope the government takes measures which strengthen the real estate sector and affirms robust infrastructure growth.

In 2020, we expect to reap the benefits of initiatives taken by the government that would lead to a revival and growth in the sector. More private investments will come in, and consolidation, mergers within the space are likely to continue. The year 2020 will see the industry grow in terms of newer policies aimed at improving buyer sentiments.

In conclusion, we hope the government takes more developer and investor-friendly initiatives for the betterment of the real estate market. Additionally, a seamless approval process is essential as it could help in faster execution of infrastructure and real estate projects.  Overall, the Budget, through its policies, should aim at creating a positive environment in the real estate sector for both the homebuyers and the developers.

Corporate Comm India (CCI Newswire)

The Property Times News Bureau

Recent Posts

The Rise of Premium Luxury Residences: How NCR is Setting New Standards

New Delhi, November 21, 2024: Over the years, Delhi-NCR has emerged as a hotspot for…

16 hours ago

3A Composites’ Flagship BrandALUCOBOND Launches a Premium Product ‘ALUCODUAL®’

~ The Company strengthens the product portfolio with the launch of innovative & ‘Made in…

16 hours ago

Government Policies and Housing Premiums Under Spotlight in latest Mumbai Realty Report

- NAREDCO Maharashtra and 1 Finance Unveils Comprehensive Study on Mumbai's Real Estate Landscape -…

2 days ago

Onward Workspaces Expands with leasing 18,000 Sq. Ft. Premium Facility at Emaar Capital in Gurgaon, Catering to Global Enterprise

The announcement marks a major step in offering Flexible Grade-A Office Solutions for Modern Businesses…

2 days ago

Studio Apartments: Smart Investment Choice for Buyers

Considered as hot investment opportunity for the real estate enthusiasts, Studio apartments present several advantages…

4 days ago

Rethinking Urban Spaces: The Role of Mixed-Use Developments in City Planning

New Delhi, November 18, 2024: As Indian cities grapple with rapid urbanization, evolving lifestyles, and…

4 days ago