New Delhi, January 14, 2022: We would hope that the upcoming union budget would act as an enabler by accepting the long-standing demand of the commercial real estate sector to receive an input tax credit on GST collected from customers on rentals for built-to-lease properties. This shift would not only boost the CRE business, but would also prove beneficial for various other businesses like retail, hospitality & hotels, malls etc.
From a residential real estate lens, a few key relaxations like an increase in tax rebates on interest on housing loans and serious relook of the definition of ‘affordable’ both from the value of the house as well as its size will provide a much-needed boost to the sector. Another area that the union budget should look at is policies that will help soften the prices of input costs to aid further improvement of the affordability index.
The real estate sector is the second-highest employment generator in India. The industry is expected to reach a market size of $1 trillion by 2030, while contributing around 13% to the GDP of the economy by 2025. These positive changes in policies will provide a boost to the sector and enable strong developers to create quality spaces and value for the economy.
Corporate Comm India (CCI Newswire)
