The finance minister Mrs. Nirmala sithaaraman is going to present the union budget 2022-23 on 1st February and the real estate sector has set high hopes from this budget. The industry is already suffering due to the pandemic in recent years and hoping for some good news from the budget. The demand in the housing industry is quite sluggish and the construction project is also on halt due to the current scenario. Therefore, the experts of the industry are hoping from the government to come up with a good announcement in the union budget 2022-23. This can rekindle the demand in the real estate industry and give a good boost to the growth of the housing industry. Any kind of exemption in tax or construction will directly impact the Dholera commercial land price and other infrastructure projects also. And this could create a perfect opportunity for anyone to invest in real estate.
Let’s check out some necessary announcements we are expecting from the upcoming budget 2022-23.
Tax deduction
Reduction in tax for home loans or some amendments in the tax slabs will be very beneficial to woo investors in thereal estate industry. The tax relief will attract more people to invest in property and rekindle the demand in the housing sector. Apart from this the finance minister can also gives some relief in income tax to those who are buying their second home. It will help to stimulate the real estate sector.
ITC for property developers
Experts of the industry are expecting ITC in GST for property developers. Besides some reduction on stamp duty and registration charges will also help to give a good boost to the industry. Developers can develop the property at fair prices and sell it to people at good prices also.
Affordable housing
To encourage house buyers we are hoping the government will redefine the affordable housing slab. It is better to takeit to 60 lakh from 50 lakh. It will increase the benefit and encourage buyers to invest more in houses. This will help rekindle the bullish real estate industry.
Tax deduction in construction
The other necessary expectation from thebudget is to get some tax deduction on construction raw materials. This will help a lot to the property developer. With the low raw material price, the property dealer can provide a reasonable cost to investors or buyers. And this will help to develop the housing industry and give a much-needed boost to the sector.
Conclusion
Overall there is a lot of expectation from the government and union budget 2022-23. We hope the finance minister announces good measures in the budget. Which benefited both the house buyers and developers as well. The real estate industry has a good contribution to the GDP of the country and we hope the government would not let the industry suffer. We firmly believe government understands the needs of the sector and makes positive announcements in the upcoming budget to further encourage and develop the industry.
