Real Estate Sector Seeks Industry Status and Tax Reliefs in Upcoming Budget
Industry bodies stress the need to make affordable housing a sustainable business model for developers, while seeking industry status and tax reliefs in the upcoming union budget.
Real EstateAffordable HousingIndustry StatusTax ReliefsUnion BudgetReal Estate NewsJun 14, 2024
Granting industry status to real estate is a key demand that has been consistently raised. According to G Hari Babu, Chairman of NAREDCO, this move would benefit small and medium builders, who are currently struggling to access bank loans.
Industry bodies are also advocating for government incentives to promote sustainable development. Smita Patil, MD of SSPL Group, suggested that the government should offer reductions on green buildings, which would encourage their adoption.
There is also a strong call for expanding the special window for affordable and mid-income housing stress funds, tax reliefs for first-time homebuyers, and the reintroduction of GST with an input tax credit on under-construction properties. Jayshree Kurup of Wordmeister Real Estate pointed out that while the government has addressed low-income housing, more needs to be done to make affordable housing a sustainable business model for developers.
The real estate sector is also seeking increased tax benefits and incentives for women homebuyers. Charu Thappar, Head of Property & Asset Management at JLL, suggested that women should be given increased tax benefits, subsidised home loans, and reduced stamp duty.
From granting industry status to real estate and providing incentives for green buildings to offering tax breaks for women homebuyers, the real estate industry has a comprehensive wishlist for the upcoming union budget. If implemented, these measures could significantly enhance the sector's growth, support sustainable development, and make housing more affordable and accessible to a broader population.
NAREDCO (National Real Estate Development Council) is a leading industry body that represents the real estate sector in India. SSPL Group is a prominent real estate developer, while Wordmeister Real Estate and JLL are well-known players in the real estate industry.
NAREDCO is the apex national body of real estate industry comprising of 50+ national and state-level associations. SSPL Group is a renowned real estate developer with a strong presence in India. JLL is a global real estate services firm that provides expertise in development, investment, and property management. Wordmeister Real Estate is a leading real estate consultancy firm.
Frequently Asked Questions
What is the key demand of the real estate sector from the upcoming Union Budget?
Granting industry status to real estate is a key demand that has been consistently raised.
What incentive is being suggested for sustainable development?
The government should offer reductions on green buildings, which would encourage their adoption.
What is the current challenge faced by small and medium builders?
They are struggling to access bank loans and are forced to borrow at higher costs from private financers.
What is the expectation of the real estate sector from the government for women homebuyers?
Increased tax benefits, subsidised home loans, and reduced stamp duty are being sought for women homebuyers.
What would be the impact of the measures suggested by the real estate sector, if implemented?
They could significantly enhance the sector's growth, support sustainable development, and make housing more affordable and accessible to a broader population.
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