We are positive about the Union budget for this year with the real estate industry back on the revival track. We look forward to the current year’s budget to focus on the following areas:
· With the increasing demand for affordable housing, offering Infrastructure Status for Integrated Township Development will enable developers to raise funds at cheaper rates and relaxed norms.
· Permit ECB for all FDI Compliant projects under PN-2 for real estate · Increase housing loan deduction U/S 80 C to at least Rs. 2 Lacs from the present Rs. 1 Lac which will substantially boost housing.
· No Service tax on rentals from immovable properties and Extension of benefits under Sec 80 IA to LLP (Limited Liabilty Partnership) as well.
· Under Sec 80 IB(10) Restrictions on 5 % for commercial space to be removed for affordable housing projects.
Thus any kind of support from the Government would further enhance the Indian infrastructure industry that contributes significantly to the country’s GDP.
Mr. Ahmed Shakir
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