Budget expectations: Real estate sector

13 Jan 2022 , 12:39 PM

”Numerous aspects have contributed to the development of the Indian real estate sector. The Government of India’s Digital India scheme accelerated technological growth, PropTech is booming in the Indian real estate industry and the Real Estate (Regulation and Development) Act (RERA), 2016 helped in the promotion of the sector. But the pandemic has hit all the business sectors across the country including the real estate sector with the third wave ongoing recovery may once again take a setback.

Investors are expecting relief from the government’s end. The expectations are reductions in GST and an increase in home loan interest, the deduction for a tax rebate, and a rise in FDI inflow. The government must focus on the real estate sector; it is globally the most recognized sector and generates the second-highest employment in the country. Retail, hospitality, and commercial real estate are growing significantly, delivering the much-needed infrastructure for India’s growing need for relaxation in taxation would be helpful in the development of the sector, and reduction in GST rates can give a lot of relief to the fraternity. Also, steps must be taken to make the industry more technologically smart the ongoing pandemic has made us all realize how important technological aspects are for any business to run successfully.”

The author of this article is Mr. Varun Mohan — Founder and CEO, Definite

The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com