NEW DELHI: Ahead of the Union Budget 2021-22, real estate experts and developers have sought the support of government, claiming that escalating costs and delays are their biggest hurdles and the government must step in through income tax incentives.
Stating that the year 2020 witnessed the emergence of Tier II and Tier III cities, with many people returning to their home towns because of the pandemic, the developers sought schemes to boost the real estate market in such cities, which is required to meet the target of ‘housing for all’ by 2022.
Dhruv Agarwala, group CEO, Housing.com and Proptiger.com, said the real estate sector is also looking for re-introduction of input tax credit for GST. “Additionally, the sector would receive a big impetus if stamp duty and registration charges are subsumed within the GST,” he said.
Achal Raina, COO, Raheja Developers said that all through 2020, the government came up with a slew of measures to streamline the sector, and the sector now has high hopes from the upcoming budget. Mohit Goel, CEO, Omaxe Limited said the Budget will play a pivotal role in sustaining the revival process of the economy.
“The government must accelerate investment in infrastructure development in state capitals and Tier 2/3 cities,” he said. Rajat Goel, JMD, MRG World said that with the government’s focus on housing for all, they are sure that the FM will ease the burden on common man.