Talking about the Budget expectations in 2017, Jagmohan Garg, one of the leading real estate tycoons stated that, apart from the implementation of Goods and services tax, the upcoming budget is expected to provide relief on income tax, introduce more incentives for digital means of transacting and promoting real estate investment trust (REITs) and infrastructure investment trust (InvITs). Various positive changes in the income tax structure are also highly anticipated in it.
The Union Budget 2016 unveiled by the Finance minister Arun Jaitley addressed all the concerns of real estate, the industry reeling under a slump over the past few years. With another year passing by and the date for Union Budget 2017-18 fixed for 1st February, the realty sector is expecting a major boost.
The realty developers are looking forward to a populous Budget by Mr. Jaitley. At present, the real estate sector is primarily facing the acute problem of diminishing demand in the market due to demonitisation. A number of real estate experts believe that the Budget 2017 is likely to be well balanced and pragmatic.
Real estate is one of the major contributors to the gross domestic product. In order to keep the pace alive, the government will have to come up with solutions this time and ensure affordable housing policy.
The Budget 2017-18 must focus upon the policy of housing for all at affordable prices. It should aim at benefitting the masses and providing relief to lakhs of people who live in rented houses.
The exemptions in tax slabs will help in increasing the purchasing power of the buyers. Jagmohan Garg highlighted that it will be effective in solving the problem of sluggish demand in the market and would channelize the flow of money in the economy.
Overall, the Union Budget 2017-18 is anticipated to a common man’s budget which will introduce a number of positive changes and address the major concerns of different sectors.