Gaurav Gupta, Director, Omkar Realtors
This being the first union budget by newly appointed Nirmala Sitharaman as FM, her focus area for sure will be to take forward PM’s mission of housing for all by 2022 and hence she should give more impetus for affordable housing, which will result in some momentum in the beleaguered real estate sector. Second, we would want real estate industry to be granted infrastructure status which will ensure easier access to institutional credit and help in reducing developers' cost of borrowing for affordable projects, presently under tremendous pressure owing to NBFC crises.
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At present real estate sector is choking of liquidity taking its toll on real estate companies financial health and new FM should come out with quick corrective remedies to pump in enough liquidity in the system to get the sector on track. Lastly, as an industry on the tax front if the losses from House Property that can be set off against other heads of income are allowed only up to Rs.2.00 Lakhs. This is an arbitrary restriction and limiting investments into the house property, which should be removed.
The author is the Director of Omkar Realtors.
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