From rationalization of taxes to bringing stamp duty within the purview of GST to re-financing NBFCs by raising limits and easing the norms for REITs are few of the industry expectations from the upcoming budget.
NewsBarons connects and compiles a list of expectations from leading industry heads for the upcoming interim budget.
Dr. Niranjan Hiranandani, National President, NAREDCO
Rationalization of taxes would be the one most important factor that the real estate industry would expect at this point of time from the upcoming Budget. It is not just about reducing taxation rates; rationalization of taxes is necessary as it will create an environment conducive along with the positive sentiment to enable generate new business opportunities across the economy. Among the expected points, I would also add the expectation of bringing Stamp Duty within the purview of GST; Input Credit of Construction against output of Renting; incentivize Rental Housing to meet Housing for All commitment by 2022 and increasing limit of interest deduction, paid on home loan, from 2 lakh to 3 lakh. The real estate industry looks forward to a positive Budget from the Hon’ble Finance Minister.
Anuj Puri, Anarock Property Consultants
Before every annual Budget, the real estate sector trots out a highly optimistic (and unrealistic) wish list to the Finance Ministry. Whether the industry actually expects the upcoming Budget to cure all its woes with a wave of its magic wand is beside the point. Unrealistic expectations – many completely outside the purview of the Finance Ministry – have become the norm.
Single-window clearance, industry status and hiked tax exemptions limits which will miraculously revive demand for properties have become the usual suspects in such wish lists. Let’s be rational in our expectations from an interim budget which is announced shortly before general elections.
• Major Tax benefits tO homebuyers
• Re-Financing NBFCS by raising limits
• Determined infra push to drive growth
• PMAY Investments – ensure serious on-ground activity
• GST Rate cut
• Easing the norma for REITS
These are rational expectations. However, at the end of the day, the upcoming budget may focus squarely on wooing voters collectively rather than boosting specific industries. In other words, let’s be realistic and not overly optimistic.