JOIN USBudget 2019: Expectations from real estate industry
"India’s US$120 billion real-estate industry keenly awaits the budget 2019 which is battered by a prolonged recession and with no silver linings in sight. Except for a few markets like Hyderabad and Bengaluru, the sector has shown negative growth across the country," Sameer Nayar, the Founder & CEO of BuildSupply
From a policy perspective for the sector, below are a few areas which should be among the key priorities of Budget 2019:
- Boost in affordable housing schemes through policy incentives
- Streamline of RERA implementation across the country
- Further incentivising green building construction
- Faster/single window clearance for projects which will help in rationalizing the cost of development and make real estate more affordable
- Kickstart PSB lending to the sector especially for SME projects
- Incentives to help the real estate industry sell-off its huge pile of unsold inventory and revive delayed projects
- India’s ambitious smart city plans should get off the ground
- Enhance investments in road and rail infrastructure for remote locations to make them amenable for affordable housing developments
- The most important lookout- Government should provide the building construction and infrastructure sector an environment and policy ecosystem that enables both, Indian and international companies to grow and thrive.
Salarpuria Sattva Group
“In a country like India where a huge portion of the population does not have their own homes, the home loan is a crucial enabler for first-time buyers. In order to achieve the objective of providing Housing for All by 2022, the government needs to look into the requirements of home loan borrowers. For the same, increasing the tax deduction limit from Rs 2 lakhs to Rs 3 lakhs per annum or more will have a positive impact thereby encouraging and helping home buyers to save money on home loans. Further, to address the issue of affordability, stamp duty should be subsumed in the GST.”Bijay Agarwal, Managing Director, Salarpuria Sattva Group said.
A. O. Smith India
"Growth is an area, which we are sure is top on this governments priority and this budget should address that. One key sector which we believe needs to be addressed is the residential real estate sector and the expectation is that this budget would provide a much-needed fillip to the sector. It generates large scale employment as well as helps multiple industries, who are invested in India," Parag Kulkarni, Managing Director, A. O. Smith India, said in a statement,