While the real estate sector is looking at a robust housing demand revival in 2022, it also expects the Union Budget 2022 to play a supportive and enabling role. The real estate sector is looking at a few tax relaxations such as hike in Rs 2 lakh rebate under section 24, as in the aftermath of the pandemic, the profit margins are already low and developers have to compensate for the lost time. A single window clearance mechanism has remained a demand for many years now. In addition to this, it is an opportune moment to award industry status to the real estate sector so that it can avail cheaper credit facilities from financial institutions. In addition to this, a GST waiver for under-construction properties, and incentives for private investment in affordable housing sector will be enabling. Easing of liquidity and short term tax holidays might go a long way in boosting overall recovery of the realty sector.
Dr Atul Goel, MD, Goel Ganga Group & president (Elect.), Naredco Pune
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