Quote of Mr. Samir Chopra, CMD, RE/MAX India on Expectation from the budget for your reference:
The forthcoming budget is very crucial for the revival of our economy which has been through a roller coaster ride in the last 12 months. The budget should provide sufficient stimulus to various sectors in the economy so as to achieve the desired growth rate. As real estate is slated to be a propeller for other industries, it is important to give sufficient sops to revive this sector. The revival of real estate sector can only happen once the consumer confidence and interest in realty is restored. Investments and consumer interest that have taken a back seat in the past few months need to be turned around and as a first step towards this; banks need to be advised to reduce the interest rates on housing loans by at least 1%. We also suggest that the time limit and ceilings on the deduction of interest paid on loans for acquisition / construction of a residential house should be removed. The benefit should also be increased to Rs.3, 00,000/- on self occupied property. For rental incomes, the exemption from income tax should be increased from the existing 30% to 50%. The Government should also announce a package to benefit the small and medium enterprises including tax benefits, abolition of dividend distribution tax etc. For SEZ’s, STPI benefits should be extended for at least 5 years. Also, the government should take steps for the regularization and licensing of Real Estate professionals to build transparency and promote professionalism.
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Neeti Mathur
Adfactors PR Pvt. Ltd.
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