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Business EconomyPosted at: Jan 25 2021 6:07PM


Budget 2021: Real estate sector high hopes from upcoming budget

Kolkata, Jan 25 (UNI) The real estate and construction sector have a significant contribution
to India’s GDP.
Therefore, it is important to take the desired steps towards the recovery of the entire sector
with the help of the budget measures announced by the Finance Minister. Since the outbreak
of COVID-19 has severely impacted the sales and construction of the housing industry, the
real estate sector is looking forward to the additional measures which will aid in the recovery of
the demand as well as eliminate supply side challenges faced by the developers.
Few expectations from industry stalwarts from Kolkata about the Union Budget 2021:
Sanjay Jain, Managing Director, Siddha Group said,“The real estate sector has high hopes
from the upcoming budget. It is true that the Government made few announcements throughout
2020 that would help the sector in streamlining movements. But in the new Budget, we would
like the actions to be taken forward and implemented at the earliest.
We would want the Government to focus and help us with the following -
Single Window Clearance: Affordable and mid income projects which are stuck at the
advanced stages of development required a special window clearance.
Housing For All: Subsidy on cost effective materials for developing affordable projects.
Claim Input Credit: Input credit claim should be set off against GST billed in rental case of commercial projects since the rental income is not generated from sale of capital assets.
Investor Interest: Remove taxation related inefficiencies so that investors are interested to
invest.”
Rishi Jain, Managing Director, Jain Group said, “Real estate sector is under pressure
mainly because of apathy by certain key stakeholders. Financers being chief among them,
even though RE contributes 7.7% of GDP, previous little ground level implementations are happening. Re introduction of GST input, preferred financing status and general decrease
of regulations around financing of the sector are on my wishlist.”
Arya Sumant, Managing Director, Eden Realty: “2021 is going to be the year when the
economy revives post the pandemic. Just like other sectors, the real estate sector is also
looking forward to the upcoming Union Budget 2021 to not only revive the industry but also
pull out the economy from one of its worst falls. The real estate developers are having
great expectations from the budget as they want reforms in GST and relaxed tax norms.
Moreover, the sector also expects increase in credit take off from the banks to ease of
liquidity. Lower home loan interest rates, reduction in stamp duty, and registration charges
are a few of the norms which will make a massive difference to the cost of a real estate
project and in turn, will boost home buyers to invest in real estate projects. We also look
forward to the continuation of CLSS under the PMAY scheme.”
Abhishek Bharadwaj, Chief Marketing Officer, Shristi Infrastructure Development
Corporation Ltd: “Post the lockdown, the economy is slowly looking up. The real estate
industry is one the largest employment generators, both direct and indirect, of the country
and contributes significantly towards the national GDP. During the pandemic, the
government made necessary and timely policy interventions through fiscal support, liquidity
infusion, and reform-driven investments to support the sector. It is expected that Budget 2021
will introduce further measures for the existing homebuyers in terms of additional tax benefits
and well incentivize new buyers to invest in real estate. The sector also expects the
government to introduce a series of reforms and consumption boosters to increasing credit
off-take from banks to ease liquidity. Overall, we do hope the government will take measures
that would strengthen the real estate sector and catalyze robust infrastructure growth.”
Nakul Himatsingka, Managing Director, Ideal Group: “The developers are looking for more
benefits n incentives from the financial sector in affordable housing, so as to look for better
revenue from affordable housing. The liquidity crunch, cascading effect leave a lasting impact
on the real estate sector. Developers look forward to a smooth cash flow to prevent from being
a timelines defaulter. Customers look forward to GST relaxation for under-construction
projects.”
The sector is hopeful that if the government extends a helping hand as well as introduces
enough stimulus to improve the sector and the overall economy which will in turn quicken the
speed of the recovery. However, with the pandemic still is a concern, one has to be cautiously hopeful.
UNI BM
Tags: #Budget 2021: Real estate sector high hopes from upcoming budget
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