Pre-budget quote from Ms. Jayashree Kurup, Head of Content & Advisory-

We feel the Budget announcement should be to achieve four goals:

·         Remonetise real estate to enhance consumer sentiment

·         Make finance available to industry to complete stalled projects

·         Make facilitating policy changes to give clarity to the proposed policies like GST

·         Create equitable tax structure to leave more money in hands of consumer to buy real estate

To achieve these , the budget needs to:

·         Stimulate demand, through tax incentives to consumers so that they have more money in their wallet to buy real estate

·         Enhance tax breaks on property purchase by increasing the tax exemptions on  housing loan principal and interest deduction

·         Offer financial protection from project delays by allowing Section 80C and 24 deduction on under construction properties

·         Rationalise the 30-35% taxation on the industry

·         Formulate specific valuation rules to allow deduction of land value from transaction value and clarification on whether developer or contractor gets credit under GST regime