January 30, 2019: Despite the Narendra Modi government’s constant focus on improving housing, real estate is perhaps the only sector of the economy that has witnessed a de-growth in the last four-and-half years.
With the 2019 Lok Sabha Elections fast approaching and the interim Budget 2019 being just a week away, expectations are high on what is in store in the Budget.
Home buyers wish that the government would take steps for the creation of a stressed asset fund to deal with the issue of incomplete projects and provide an EMI holiday to those whose houses have been facing undue delays.
Here enclosed the expectations from the Realty Sector:
Mr. Nakul Himatsingka, Managing Director Ideal Group
The sector is currently saddled with three compelling issues of high inventory, low liquidity, and high input costs. I hope the Budget addresses these issues by introducing financial reengineering concepts to overcome NBFC crisis, favorable deductions, and benefits in the tax structures, rethinking the GST policy and applicable percentages, reduction in the home loan rates, focus on infrastructure development and growth. Overall, the Budget, through its policies, should create a snowballing positive sentiment that would undoubtedly affect our sector positively.
Sachchidanand Rai, Chairman – Eden Realty Group
The PMAY schemes for Affordable Housing has provided a tremendous boost to struggling Real Estates Sector post-long-pending economic reforms. It has not only helped the sector survive but also forced it to understand the importance of the huge “bottom of the pyramid” opportunity which has been left dormant. The push is in the right direction. What is needed is the continuation of the policy for at least the next 5 years.
Abhishek Bhardwaj, CMO, Shristi Infrastructure Development Corporation Ltd
Our expectation from this year’s Union Budget will be a reduction in house loan rates for home buyers with more tax benefits to the consumers. Also, a GST rate revision (for home buyers) is expected by the realty sector in this year’s budget. A revised and buyer-friendly GST rate would help boost the realty sector, especially in the affordable housing segment.
Sanjay Jain, Group Managing Director, Siddha Group
With the Union Budget 2018 announcement right around the corner, our key expectations are –
Overall, the realty players will prefer to wait and watch how the union budget impacts the realty sector.
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