As the interim budget 2019 is approaching, the aspirations and hopes of the real estate sector also seem to be increasing. Both the home buyers and developers have their own set of a wishlist that they are keeping their fingers crossed for.
After RERA, there seems to be a general consensus among home buyers that the government should and will come up a stressed asset fund to deal with the issue of incomplete projects. There have been talks of a provision of tax holiday be provided to home buyers who have have been awaiting delivery of houses for over five years.
Dr. Niranjan Hiranandani, National President, NAREDCO and CMD, Hiranandani Communities, is very clear about his expectations from the upcoming budget. While bringing stamp duty under the purview of GST is a major concern, tax rationalization is something that seems to be the need of the hour.
“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,” Dr. Hiranandani told Realty Buzz IN. “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 the output of Renting; incentivize Rental Housing to meet Housing for All commitment by 2022 and increasing limit of the 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.”