Darjeeling's MP Raju Bista Unveils Real Estate Reforms at Siliguri Seminar
MP Raju Bista detailed the Union Budget 2025-26's key real estate reforms at a seminar in Siliguri, emphasizing income tax exemptions and other measures to boost the sector.
Real EstateUnion Budget 202526Tax ExemptionsReraInfrastructureReal EstateMar 01, 2025
The seminar, held in the bustling city of Siliguri, attracted a wide array of stakeholders, including developers, investors, and homebuyers, all eager to understand the new policies that aim to rejuvenate the real estate sector.
Bista's speech was a comprehensive overview of the Union Budget 2025-26, which includes a series of measures designed to stimulate growth and investment in the real estate market.
One of the most notable reforms is the introduction of income tax exemptions for first-time homebuyers.
Under this provision, individuals purchasing their first property will be eligible for a tax exemption of up to ₹5 lakh, a move that is expected to make homeownership more affordable for a broader segment of the population.
Moreover, the government has introduced a new tax regime for real estate developers.
This regime aims to reduce the tax burden on developers, thereby enabling them to offer more competitive prices and better quality projects.
The tax incentives are particularly significant for developers who focus on affordable housing, a sector that has been gaining increasing attention due to its potential to address the housing needs of the middle and lower-income groups.
Another key reform highlighted by Bista is the establishment of a Real Estate Regulatory Authority (RERA) in every state.
This body will oversee the implementation of the Real Estate (Regulation and Development) Act, 2016, ensuring that developers adhere to a set of stringent guidelines and standards.
The primary goal of RERA is to enhance transparency and accountability in the real estate sector, thereby building trust among buyers and investors.
To further support the real estate sector, the government has also announced increased funding for infrastructure development in key areas.
This includes the construction of roads, railways, and other essential facilities that are crucial for the growth of real estate projects.
Improved infrastructure will not only attract more investment but also enhance the quality of life in these areas, making them more attractive for both residential and commercial purposes.
Bista emphasized that these reforms are part of a broader strategy to reinvigorate the real estate market, which has been facing challenges such as a slowdown in demand and a surplus of unsold inventory.
By addressing these issues through a combination of tax incentives, regulatory reforms, and infrastructure development, the government aims to create a more robust and sustainable real estate sector.
The seminar concluded with a Q&A session, where Bista answered questions from the audience, providing insights into the practical implications of the new reforms.
The event was widely appreciated, with many attendees expressing optimism about the future of the real estate market in Siliguri and beyond.
Frequently Asked Questions
What is the income tax exemption for first-time homebuyers under the new reforms?
First-time homebuyers are eligible for an income tax exemption of up to ₹5 lakh under the Union Budget 2025-26 reforms.
How will the new tax regime benefit real estate developers?
The new tax regime aims to reduce the tax burden on developers, enabling them to offer more competitive prices and better quality projects, especially in the affordable housing sector.
What is the role of RERA in the real estate sector?
RERA, or the Real Estate Regulatory Authority, oversees the implementation of the Real Estate (Regulation and Development) Act, 2016, ensuring that developers adhere to guidelines and standards to enhance transparency and accountability.
How will increased infrastructure funding impact the real estate market?
Increased funding for infrastructure development, such as roads and railways, will attract more investment and enhance the quality of life, making areas more attractive for both residential and commercial real estate projects.
What are the primary goals of the government's real estate reforms?
The primary goals of the government's real estate reforms are to stimulate growth and investment, address the housing needs of the middle and lower-income groups, and create a more robust and sustainable real estate sector.
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