The general elections of India will most probably be held between April and May 2019 to form the 17th Lok Sabha. So before the general election of 2019, the Finance Minister Arun Jaitley will announce the first budget of this government on 1 February 2019. It has been seen that the ruling government is working hard in making affordable houses in India and the realty sector has a beam of hope that the hard work done by the ruling government will continue in the same way.
Sachin Bhandari, CEO, VTP Realty said “One of the prominent agenda of the government has been to promote Affordable Housing in our country and the previous budget had introduced certain measures to boost up the same in the Indian real estate sector.
Read Also: Budget History of Income Tax Slabs (1944-45 to 2017-18)
Demands of the Real Estate Developers:
Single Window Clearance
- For satisfaction from builders, financial institutions, home buyers, etc. on property matters, there is no single window clearance system. Because of the absence of a single window clearance system, there is postponement in clearance certificates, possessions, investor complaints, construction work, etc. So to give the solution of the problems faced in the realty sector, a unique system must be established in Budget 2019.
- The problem of the delay in the approvals has been solved after the introduction of RERA (Real Estate Regulatory Authority) which helps in clearing the projects so that there will be no delay. But to grow the state of the housing industry, the investors, developers, and financiers are demanding a single window system.
Reduce the 12% GST on Under-construction Projects
- A meeting was held, in which the builders demanded to lower the GST by 12 per cent under construction projects but no step has been taken against it. And if the government takes the step then a beam of hope will be raised for the middle class as they will not have to carry the burden of high GST on houses on their shoulders.
An Increase in Interest and the Principal Limit for tax exemption for home loans
- Because of the rise in the price of the houses, even the interest and principle have also been increased. The budget must help in boosting the home purchases for developers due to which there will be more business.
- Bhandari said, “Long-standing demand that has so far gone unnoticed is real estate sector being given the industry standard”. Because of this move, the delay in construction will be reduced.
