Realty sector needs for tax cuts

Expectations from the upcoming budget are high as the industry is expecting big announcements and policy support for the real estate sector. More tax sops and higher relief on the home loan rates will woo a broader segment of home buyers and investors to buy property.

The existing tax exemption on housing loans should be raised to give impetus to buyer sentiment. There is a specific need for income tax relief on a second home which will benefit home buyers in a big way and also stimulate the real estate sector.

The budget can also support the industry by ensuring reduction in compliance issues. It should also strengthen the existing financing systems to provide liquidity, as developers need a rational capital flow to keep up the work process.

We are also hoping for GST reforms, as this will reduce overall property cost and push demand for homes, granting of industry status to the overall real estate sector and implementation of single window clearance amongst others. We are looking forward to more initiatives to enhance ease of doing business for the developers.