Budget 2018: Finance Minister Arun Jaitley’s ‘Pittara’ hopes for new gifts
- Finance Minister Arun Jaitley will present the budget on February 1
- Real Estate Sector Expectations From Budget
- This is the last full time budget of the Modi Government.
New Delhi: Union Finance Minister Arun Jaitley will present the general budget on February 1. Like other areas, the real estate of the country is also expected to announce new announcements by the finance minister’s budget. With the implementation of the provisions of the ban on banknotes and the implementation of Real Estate Law 2016, the real estate sector is not fully up to date yet. In this case, this area of business is sitting fresh expectations from the new budget.
Amit Modi, Vice President of Confederation of Real Estate Developers Association of India (CREDAI, Western UP), the top body of the private real estate developers of the country, believes that the last quarter of 2017 has been encouraging for real estate and demand for this sector has increased in 2018. are supposed to. They hope that the budget-2012 will come up with some big announcements such as improved comfort, investment and taxation system improvement in this area.
He said, “Real estate developers have long been demanding single-window clearance for residential and commercial projects. In the absence of single-video clearance currently, developers have to take several types of approvals and approvals. They have to make rounds in many navigational departments. This takes 18 to 36 months to start the project. The government should implement a single video clearance system to facilitate approval, So that the delivery of projects can be done on time from the easy approval process. The speed and cost of construction work are also important in this area, which ensure the proper cost of a house and the economic viability of the project.
Year after the ban, the real estate is hoping to increase the scope of affordable housing category and to reduce the current rate of commodity and service tax from April 1 to 12 per cent from 18 per cent.
Amit says, “Real estate developers are demanding the rate of GST from 18 per cent to 12 per cent. In addition, the demand for raising the price of land in house prices from 33 per cent to 50 per cent is demanded. Real estate developers across the country are also seeking changes in the definition of ‘infrastructure facility’ under Section 80IA of the IT Act, 1961.
AK Anand, director of the Institute of Indian Foundry (IIF), which has been working for years to promote the education, research, training and development of Indian workers, said, “We have given real estate developers housing sector i.e. infrastructure status to the housing sector Are demanding to go. At the same time, we want the GST rates to be low on the under-construction property. ‘
On the question of expectations from Amit Bidhan, director of ABA Corp, a real estate company, Delhi and National Capital Region, says, “We want everyone to have their own ashana and home loan for this dream is very helpful. Keeping in mind the consumers who bought the house for the first time, the limit of tax deduction should be increased on home loan up to Rs 5 lakh. At present, the limit is two lakh rupees annually. A similar rebate should be given on the repayment of a loan of Rs. 1 lakh.