For the last couple of months, central government has been proactive in terms of providing relief to this sector, its stakeholders and the buyers. Passage of RERA and GST last year, recently concluded 50 days of demonetisation, affordable housing incentives by the Prime Minister on the New Year Eve of 2017 and the relief provided by several banks through lending rate cuts on the New Year day has provided much needed fuel to the realty sector entering into 2017. With such activity, hopes are high for a positive budget for the realty sector this time, if not directly then at least through indirect means.
Sharing his views on the expectations from the upcoming budget, Pradeep Aggarwal, Co – Founder and Chairman, Signature Global says, “Union Budget 2017-18 is expected to bring cheer to the masses in the country. We have just witnessed banks reducing lending rates and the government also promoting affordable housing by providing special interest rate reductions. This year’s budget would be more focussed upon improving infrastructure in the country in order to bring smaller regions into the limelight. Making changes in the income tax slabs will allow higher savings and better spending capacity for the public, thus allowing people to look at real estate as an attractive avenue for residing and investment purpose. Also, there should be some relaxations made in the income based eligibility criteria for availing the benefits of PMAY in order to accommodate a higher bracket of the earning class in tier I & tier II cities. Additionally, if not the entire sector then, the affordable segment of real estate can be accorded industry status allowing developers to borrow loans at cheaper rates and many additional benefits which in the long run will encourage more and more developers to participate in developing affordable housing.”