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Realty Industry Has Big Expectations From The Union Budget

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Realty Industry Has Big Expectations From Union Budget

As India’s first lady finance minister will present the Union Budget, the real estate industry is pining for reforms that will elevate the current status of the industry

The first lady finance minister of our country, Nirmala Sitharaman is all set to present her maiden Union Budget on the floor of Parliament. The industries have high hopes from the budget and the real estate industry, in particular, is really looking forward to this budget. Sitharaman already had a meeting with the farmers’ representatives and she is all set to address the demands of real estate players. All that the industry expects is the status of a ‘developed’ sector.

Niranjan Hiranandani said that real estate is highly labour intensive with huge employment generation capacity. He said that it is one of the major sectors contributing towards the country’s GDP growth of nearly 7 percent beyond providing a basic shelter above the roof of all its citizens. Speaking about the expectations on the budget 2019, Hiranandani said that the major expectations revolve around fixing the liquidity crunch. He claimed that the liquidity crunch is taking a heavy toll on the health of the companies and further inflicting financial damage. According to him, quick measures need to be taken by apex bodies and government to inject more money into the system that will help bring economic growth on track.

The industry also expects the government to subsume stamp duty in the GST and extend the input tax credit to the commercial segment. reducing corporate tax and abolishing of Minimum Alternate Tax (MAT) to boost SEZ developments. The formulation of a National Rental Housing Policy to achieve the target of Housing for All is another important thing that requires attention. Ease of doing business that will ensure quick approvals under one roof and stops delay and discrepancies are is also among the demands of the real estate sector.

The Union Budget should help in providing a conducive environment for macroeconomic goals and improved governance. Hiranandani emphasised that the real estate industry expects announcements that will transform the economy from developing to developed.

Rahul Grover, President-Sales and Operation at SECCPL said that the industry is looking forward to government allocating sufficient budget to building the physical infrastructure. He stated that the industry expects that the policies introduced in budget 2019-20 will make a pathway for hastening the one window clearances for high rise project and influence developers resulting in higher rating in LEED Certifications.

Source: Zee Business

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