REAL STATE SECTOR’S EXPECTATIONS FROM BUDGET 2017
City real estate agents have their fingers crossed for the Union Budget. Having borne the brunt of a down market, excess stock and demonetisation, they now trust the real sector will be categorized an industry, and for some taxation sops to drive market up or create demands in market.
As per Gurgaon’s inventors, the status of industry for real state won’t just spare it from double business taxation, additionally make it easier for them to source funds from banks and other money related financial organizations. They likewise seek funds will be designated for serious infrastructure projects, with demonetisation having made surplus money reserves with the government. With the Real Estate (Regulation and Development) Act, 2016 turning into a reality, the industry trusts it can just go up from here.
Naveen Raheja, director of the land biggie Raheja Developers, said the land division has a considerable measure of desires from the budget “We expect some sops to enable the Prime Minister’s ‘housing for all’ policy. Besides, the sector needs support like special interest subsidy for disposal of piled up inventories. The Centre should increase income tax exemption from Rs 2 lakh to Rs 4 lakh,” he alleged.
Industry insiders say the budget will be distinctly viewed. “We trust the 2017 Budget will acquire extensive advantages to the real state industry. The guide for usage of the GST Bill can be a game changer,” said Vineet Taing, president, Vatika Business Center. He added GST is required to lower development cost, which can be passed on to the purchasers.
TAX sops are exceedingly foreseen by industry people. “From the perspective of the real estate sector, a tax-friendly budget, an increased capital base, complemented by recently-announced interest rate cuts means growth, as it will trigger consumption demand in a big way,” Pankaj Bansal said (director M3M Group).
He included high buying power will bring about individuals choosing real state as a road for returns, as interest rates on deposits are probable to diminish.
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