The real estate sector is one of the main pillars of the Indian economy and has been recognized by the government by offering several schemes, including a bailout package, to get the sector out of the slowdown. With the presentation of the Union's budget, there are many initiatives that the government can take or provide subsidies to give the much-needed boost to this sector.
One-stop manufacturing and licensing status
The real estate industry required a state of this industry for a long time. The affordable housing sector saw a down payment, after receiving the infrastructure case. Experts state that granting a similar state to the entire real estate sector will encourage real estate activity and help in obtaining investments, which are absolutely essential. This, along with a one-window cleaning system, will work wonders for the sector, they say.
The stress real estate fund is effective
Although the government has announced a real estate fund of Rs. 25,000 million, this plan must be implemented properly. “The budget can be allocated to financial institutions to increase liquidity in the banking system. Previously allocated funds did not reach the ground level. Advertisements will not change the scenario. Only practical solutions can bring about changes in the real estate market.” Dinesh Duchy, managing director of Tulsi Realty says: “Institutions can Finance also extended the grace period for stagnant projects, to support the market, economy, and homebuyers. "
Include entry tax credit (ITC) on GST and more types of taxes
Although the government promised and revised the GST rates from 12% to 5% for homes under construction, excluding input tax credit (ITC) served as a spoiler for home buyers and the sector in general. “Adding these benefits would be beneficial to buyers because these taxes indirectly increased the cost by 7% -8% for the end-user.” Duchy adds, “More taxes on home buyers, such as lower mortgage loan rates, as well as lower insurance premiums, the Real estate will definitely boost. "
Improving consumer confidence
“SBI’s recent mortgage loan plan, by guaranteeing buyers regarding their real estate investments, is an excellent way to increase customer confidence. There are buyers in the market, ready to invest with renowned developers and the government should provide more ways to increase their confidence.
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