“Currently, homebuyers need to pay service tax, VAT as well asstamp duty when purchasing flats. The Government should ensure the quick passage of Goods and Service Tax which will replace numerous taxes and help the consumers.” said Mahipal Singh Raghav, CMD, MMR Group
Deepak Kapoor, Director, Gulshan Homz, said,”The three most important drivers for the real estate sector this Budget will be: RBI’s interest rate cuts, decision on the land acquisition Act and execution of single-window clearance system… The whole sector is at least expecting the rates to come down so as to revive the market. There is a lot of demand in the market which is being held hard by the affordability factor and we are pretty hopeful that the RBI will bring about good news for interested buyers.”
“The Government must focus on and ensure smooth operation of the Budget session this year and try to pass as many Bills as possible as the market sentiment will be determined to a large extent by how this session directs the way.” said Prithvi Raj kasana, MD, Morpheus Group
Kushagr Ansal, Director, Ansal Housing, said,”This time we are expecting the RBI to start cutting the interest rates possibly after the Budget in first quarter which shall give them extra confidence on handling inflation expectations and stability in currency environment.”
Rajesh Goyal, MD, RG Group, said,”The new Government must have this as primary aim to reduce the burden of the buyers by reducing the home loan rates. This will greatly benefit the sector as more buyers will become available in the market. At the same time, regulator for the sector will be able to remove the glitches pertaining here.”
Vidya Basarkod, President, (Sales & Marketing), Jaypee Greens, said, “A speedy clearance of mega infrastructure projects and a single-window clearance system will help in the timely completion and delivery of projects and it will create a win-win situation for the buyers, developers and the Government.”
“The real estate sector will greatly benefit from this Budget if loan rates are decreased by RBI. This will create a wave of positive sentiment in the market which will accelerate the demand greatly. Other important decisions to look into will be the single-window clearance system and land acquisition Bill” said Arvinder Singh, MD, Agrante Realty
“Affordable housing will clearly be the flavour of the season in 2015. While the ruling Government at the Centre has clearly spelled out its intention to push for affordable housing, it is the state governments which will need to take the implementation initiative.” said Dhiraj Jain, Director, Mahagun Group
Anil Mithas, CMD, Unnati Fortune Group, said,”The Union Budget 20 14-1 S paid significant attention to real estate sector. We expect Budget 2015-16 will look into REITs and investments which are yet to begin because of the unviable tax structure. Even the long-term capital gains should be exempted for sponsors of REITs. Even for people who avail home loans, this will be a noteworthy effort for the sector.”
Manish Agarwal, Managing Director, Satya Group & Secretary, said,”Projects within Rs 90 lakh in the NCR and major metros should be categorised as affordable housing. Or, units up to a size of 1200 sq ft built-up/carpet area should be treated as affordable housing.”
“My wish-list for the upcoming Budget includes increased wealth tax limit, increased 80-C limit (tax benefit on home loan repayment amount), decreased home loan interest rates, increased tax-benefit on interest on home loans and industry status to the real estate sector” said Pramod Agarwal, Executive Director, Microtek Infrastructures
Anuj Chaudhary, Director, Pnchsheel Group,said, “We expect the upcoming union budget to have relaxation in the tax norms and lower the interest rates, which will benefit the buyers to reduce their EMIs and ultimately reviving the demand for real estate market. We also expect the budget should incentivize financing for the developers and build adequate infrastructure. We hope the new budget will take more structure REITs route and give realty a much needed industry status which is expected for long.”
Rohit Raj Modi, President, CREDAI NCR, said,“This time the industry is eagerly awaiting the industry status which will ensure that policy dispensation available for infrastructure projects also extends to the realty sector. Clarity on issues related to MAT (Minimum Alternate Tax); DDT (Dividend Distribution Tax) and waiver from Stamp Duty should be announces by the government for the success of REITs and InvITs.”
Pradeep Jain, Chairman, Parsvnath Developers Ltd., said,“We are very optimistic about the upcoming budget and pinning our hopes on the new Finance Minster. The industry is eagerly expecting speedy single window clearance with pre-defined timelines for speedy approvals and bringing transparency into the sector. Infrastructure status to our industry will ensure that policy dispensation available for infrastructure projects also extends to the realty sector. Relaxation of multiple taxes and reduction in interest rates for home buyers in affordable segment through interest subvention should be given to lift the buyer sentiments. The govt should also look into standardization of construction material prices to regulate property prices. Moreover, tax clarity on REITs and InvITs should be made by the government to set up the tempo in the industry and thus ease investment options. It is right time that the sector is given an impetus in the form of policy reforms to help improve the economic scenario of the country.”
Aman Agarwal, Director, KV Developers, said,“Real estate industry is most optimistic towards upcoming budget. Though most of the policy frame works in real estate sector come under state government’s preview, there are still many fiscal and monetary stimuli the Union Government can award to this sector to give a boost. We expect that this time finance minister will revise the various taxation policy framework for common man and industry as well. The budget should also do away with the multiple taxes involved in the purchase of residential property. As of now, home purchasers are required to pay service tax and value-added tax (VAT) on top of stamp duty and registration charges. Goods and Service Tax (GST) should be introduced in place of these taxes.”
“We at RE/MAX strongly believe that the Government should tweak tax norms to make REITs more attractive and flexible which will further lead to a big push to investments in the sector.”Said Sam Chopra, Chairman, RE/MAX India
“There should be a definite reduction in the interest on home-loans and that too below 8% to instill a sense of confidence for the buyers to take a decision to buy his/her dream property. The govt. should also make a provision wherein the funding to the developers to buy the land should also be incorporated. The lending rate should be less than 10%. It is also expected of the govt. that the prices of the allied construction items like cement, steel, and other building material are reduced to make it a cheaper component of the costing of a house being built by the developers.It is a feel good factor to note that the govt.’s outlook for business is improving and hence we can hope that the measures taken in the forthcoming budget can address liquidity issues faced by the industry.”said, Ajay Kumar, CMD, Ace Group.
“Affordable housing is the key to emerge the sector from the current crisis and we look forward to the govt. to give some relaxation in the home-loan rate of interest, availability of the funds for the land purchase and the development of the projects from banks and other financial institutions at the lesser rate of interest. The introduction of the GST Taxation system will further relax the end-user from the numerous taxes which are payable at the purchase of the property.
The Govt. has been taking various vital steps to boost the economy and the real estate sector in particular thus we are very optimistic and hopeful to have important announcements on the day of the Budget.”said Dhirender Gaba,MD Fairwealth Housing Pvt. Ltd., Fairwealth Group
“Government need to focus on the growth incentivized policies for the real estate sector in the country.Giving industry status to the real estate industry will attract huge foreign direct investments into the sector.secondly, bringing down interest rates on housing loans will encourage buyers to purchase their dream homes as it will make buying property more affordable. Reducing service tax will take a huge burden off the shoulders of home buyers.Last but not the least, Government also needs to focus on providing finance to housing industry at lower cost and creating an atmosphere where approval mechanism is faster,” said Rajesh Prajapati,Managing Director, Prajapati Constructions Ltd.