The Budget 2017 is on the verge of coming into existence, and at such a crucial time the reality market has poured in its demands and views.
Let’s have a look at the three key hopes/expectation that reality market has from BUDGET ’17.
1. Easing of REIT
According to market experts and developers, there is a requirement of – 1. More tax clarity on REIT (Real Estate Investment Trust) and 2. Easing of REIT guidelines. Both these steps will enable secure funding and timely delivery of projects. A hurdle free transaction system for investors and buyers is the need of the hour.
2. Clarity on GST related benefits
The Real Estate is eagerly waiting for clarity over the slabs slotted for construction and real estate market in GST structure. Market experts believe, reduction in tax rates for the benefit of the affordable housing sector.
We sincerely hope, that prospective home buyers come under the lowest GST slab, thus giving greater affordability.
3. Tax Benefits
With tax benefits pouring in like – higher expectation in principal repayment and interest payment, the real estate sector will receive the much-needed boost.
Also, with direct tax-lowering and reduction in stamp duty, will come as vast improvement measures.
Hiking the NRI demand, we feel tax benefits dedicated for NRI’s is also necessary and a much need step.
A few more –
Real Estate Sector would also love if the government took into note following demands –
1. Issuing Industry Status to Real Estate Sector – a demand long due
2. Exemption of service tax from affordable housing sector
3. Single window clearance promotion and hence accelerating the pace of doing business
4. Clarity on PMAY ( Pradhan Mantri Awas Yojana) and its guidelines
5. Incentives to developers involved in skill training & development
