Real Estate’s Wish List from “Union Budget 2017-18”

New Delhi, January 18, 2017: According to Mr. Deepak Kapoor, President, CREDAI western UP “A lot many aspects have to be look into when it comes to real estate sector. Government has to realize that the sector is catering to one of the most important aspects of people, i.e. housing. We all know that we are far behind the target of delivering affordable houses by 2022 where the target of delivering around 30 lakh houses per year is being missed by miles every year. To make the sector achieve the target and deliver homes the government must come up with slew of measures that can assist the developers help government realise this dream. It all means that the government must work on tax assumptions, single window clearance, rental housing, right tax slab of GST for real estate sector and industry status for the sector”.

According to Mr. Akshay Taneja, MD, TDI Infratech Ltd. “Clarity of GST as to which tax rate will be applied to the real estate sector is waited. This will define the way real estate sector will move this financial year. Another important step would be to increase the tax deduction limit for housing loans especially for the buyers in metro cities. If government can take care of these two things in this budget then the sector will definitely witness a boost in sales. This we can say from the latest step where banks have already slashed home loan interest rates”.

According to Mr. Prashant Tiwari, Chairman, Prateek Group “Initiatives like Smart Cities, RERA and GST are going to help the real estate sector. However, we are waiting for clarity in initiatives such as GST that would help the sector realise its potential. It would be good if the sector can be granted an industry, the demand that has been pending for quite some time now. Once the industry status is accorded to real estate then it would become easier to make dream of affordable housing for all a reality. As of now the affordable housing target is far behind and it can only become achievable if the sector gets industry status which would pave way for cheaper financial options for real estate developers”.

Corporate Comm India(CCI Newswire)