Categories: Budget

Real estate Post budget Comment Mr. Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group., a leading luxury real estate developer…

Budget should have had second generation reforms for real estate

Mr. Lincoln Bennet Rodrigues, Founder and Chairman, Bennet & Bernard Group

New Delhi, February 02, 2020: The Union Budget 2020 had very few measures for the real estate sector which is one of the major contributors to India’s GDP. Apart from the personal income tax relief and few sops for affordable homes, there have been pressing concerns in the real sector that have not been addressed. There was an urgent need to address the challenge of liquidity faced by the sector, especially after the NBFC crisis. The budget could also have revived the Input Tax Credit for housing sector to provide relief to developers and home buyers, where-in homes could have been made available at lower cost. Some of the other aspects that the government that could have been addressed in the budget are granting of industry status to the overall real estate sector and implementation of single window clearance. A key expectation was the restoration of income tax benefit on a second home which would have bene fitted home buyers in a big way and also stimulated the real estate sector.

Going forward, we hope that the government takes more developer and investor-friendly initiatives for the betterment of the real estate market in the near future.

Corporate Comm India(CCI Newswire)

The Property Times News Bureau

Recent Posts

Line Investments & Property SP LLC Triumphs with 21Awards at MECS+R MENA 2024

Riyadh, November 07, 2024: Line Investments & Property SP LLC, a prominent subsidiary of LuLu…

4 hours ago

Intellion Offices by Tata Realty & Infrastructure Ltd Posts 60% YoY Growth in GCC Absorption

First half of FY 25 continued with strong GCC demand with 80% contribution in space…

4 hours ago

Champion REIT Recognised as ‘GRESB Global Listed Sector Leader’

- Sustainability Leadership Shines in 'GRESB Real Estate Assessment' and 'GRESB x HERA Standing Investment…

22 hours ago

GCCA India joins hands with Xynteo’s Build Ahead coalition to decarbonise India’s construction sector

Mumbai, November 06, 2024: The Global Cement & Concrete Association (GCCA) India and Xynteo announced…

22 hours ago

Sohna emerges as new micro-market in Delhi-NCR; set to add 16000+ residential units in 3 years

New Delhi, November 05, 2024: Haryana’s Sohna is emerging as a new micro-market in the…

2 days ago

Neo Developers Pvt Ltd. Appoints Manpreet Kaur as President – Sales

New Delhi, November 04, 2024: Neo Developers, a leading real estate company has announced the…

3 days ago