Union Budget 2019: Real estate developers call for tax sops for homebuyers

Real estate developers have urged Union Finance Minister Nirmala Sitharaman to announce extra tax benefits for homebuyers, with a focus on the affordable housing segment. The wish list presented by several real estate developers comes as Nirmala prepares to deliver her first Union Budget in the Lok Sabha on July 5.

The developers also asked the government to re-examine and rethink the procedures they have to follow for land procurement, Zeebiz has reported. They claimed that the present procedures are misaligned and not working well.

Speaking to Zeebiz, Ramji Subramaniam, Managing Director of Sowparnika Projects said that the Modi government in its first tenure had taken several steps to transform the real estate sector. The introduction of the Real Estate Regulation Act (RERA), GST and Housing for All by 2022 scheme have laid the foundation for the overall growth of the sector. Such reforms have led to greater transparency, accountability and regained the trust of the homebuyers and investors in the sector.

He further said that in the interim budget presented in February provided several tax benefits and incentives for the homebuyer. These incentives and benefits have led homebuyers to purchase affordable homes, which has revived the interest among the various income groups in urban India. This also led to the selling of unsold inventory in the real estate sector, he added.