INSUBCONTINENT EXCLUSIVE:
Union Budget 2022-23: The real estate sector staged a recovery from 2020's downturn.New Delhi: Every year before the Budget, Finance
Minister's kitty gets filled with suggestions and wishes from all the sectors
This year, the real estate sector -- which staged a recovery from 2020's downturn -- expected a range of measures from the upcoming Union
Budget 2022-23."The real estate market has seen a rebound and displayed a lot of resilience post-pandemic
Now, to sustain the momentum, the real estate sector is looking forward to the much-needed reforms and incentives in the upcoming budget,
especially as the sector is the primary contributor to economic growth," Ramani Sastri - Chairman and MD, Sterling Developers Pvt Ltd,
said."There is a need to redefine 'affordable housing' to Rs 50-60 Lakh as this would expand the benefits for homebuyers and therefore boost
For metros, the price is Rs 45 lakh or below for a carpet area of 60 sq meters or below.Mr Sastri also expected input tax GST (goods and
services tax) credit for developers and reduction in stamp duty to boost homebuyers' sentiment."More tax sops and higher relief on the home
loan rates will woo broader segment of homebuyers and investors to buy property
The existing tax exemption on housing loans (up to Rs 2 lakh) should be raised to give impetus to buyer sentiment," Lincoln Bennet
Rodrigues, Chairman and Founder, The Bennet and Bernard Company, said.Further, Manas Mehrotra, Founder, 315Work Avenue, expected special
packages and tax relaxations for the start-up sector
"The co-working industry also expect special packages and tax relaxations for the start-up sector as this will boost the existing and
upcoming start-ups, thereby increasing demand for c-working space
Presently, the rate of TDS (tax deducted at source) applicable on co-working services is 10 per cent as co-working companies provide renting
of both movables and immovables
As the industry is going competitive, it will be good if the rate of TDS on co-working services is reduced," Mr Mehrotra stated.Finance
Minister Nirmala Sitharaman will present the Budget on February 1.
