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New Delhi: While real estate has witnessed good growth in the last one year, there is a fear of slowdown and raw material shortage due to various global and economic factors. real estate Industry Stakeholders are expecting that the upcoming budget 2023 will provide the much needed push that will help in continuing the growth momentum, the industry has observed.
It’s here union budget 2023 Expectations for the real estate industry:
Ankur Gupta, JMD, Ashiana Housing
The boom that we have seen in the realty sector over the past few years is set to continue in the near term. Inflationary pressures, as well as headwinds in the global economy, are unlikely to affect the housing sector in India in the near term. The upcoming budget is expected to provide more relief to home owners by giving more interest subsidy on taxation.
Atul Goyal, CFO, Brigade Enterprises,
If the real estate sector is given infrastructure status, it would be of great benefit as it would lead to greater transparency, boost investment and creditworthiness. Additionally, it would help if stamp duty charges are reduced or subsumed under GST. With regard to affordable housing, we urge the government to consider restoring the concessional GST rate of 12% on works contract services provided to affordable housing projects till the projects obtain completion certificates .
Extending the provision of reduced tax rate of 15% introduced by the Government of India under section 115BAB of the Income Tax Act to new manufacturing companies starting commercial production by 2024, said Lalit Beriwala, Director, Shyam Steel Industries
Additionally, it will provide additional incentive if the government considers increasing the price cap for affordable housing from the current ₹45 lakh to ₹80 lakh as the construction cost is not financially viable at present. We also urge the government to provide clarity on availing input tax credit under the CGST Act on GST paid for construction of commercial buildings which are let or let on rent. To create a positive sense, income tax interest claimed by individuals should be increased from existing 2 lakh to 3 lakh for the next few years
With regard to the benefit of exemption for investments made in two residential residential properties, we urge the government to increase the current cap from ₹2 crore to ₹5 crore to give a boost to the real estate sector.”
Amar Sareen, MD & CEO, TARC
Rising rate of interest and increase in cost of raw material are hampering the pace of growth. Lowering GST rate on raw material will help in reducing the cost of assets and will help in meeting the market demand. Increasing the deduction limit on home loan interest and reduction in capital gains tax will help boost the pace of growth in the housing sector.
Samyak Jain, Director, Siddha Group
We appreciate the genuine efforts of the government in promoting affordable housing. Rs cap. 2 lakh per annum needs to be multiplied many times against the interest rate deduction under Section 24(b) of the Act. This will give a massive boost to the affordable housing segment along with the removal of the cap of 45 lakhs from affordable housing.
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