Realty sector hopes that upcoming budget by the Finance Minister will cut down the costs of finance for the construction boosting realty sector.
As Finance minister is likely to announce the new Budget on February 28, realty players demanded that the cost of finance should be lowered for the construction sector. If the cost of finance is lowered, realty sector will be boosted.
Real estate sector looks forward hopefully at the finance minister’s upcoming budget which will be submitted on February 28. Finance minister has already hinted that the upcoming budget will be real estate-friendly as it may include certain provisions that boost the realty sector.
Developers and other real estate agents have demanded that the cost of finance for construction should be lowered so as to assure that the builders remain capable of providing more affordable homes. Once the cost of finance for construction is lowered the cost of housing units will come down.
Another important demand of the developers is rapid clearance. Once the clearance takes place in quicker time the builders will be able to provide homes at lower rates than ever.
Builders have opined that the delay in clearance is one of the main factors that raises the prices of housing units. Often the builders remain unable to complete the projects in time only because of the delayed approvals. The time taken for getting the clearances is very long that the property prices shoot up by the time.
All this affect the home buyers because they are loaded with the additional cost incurred for attaining clearance. On the other hand the builders suggested single-window clearance to speed up the construction sector.
Mr. Lalit Kumar Jain suggested that tax exemption should be granted for amount invested for constructing smaller homes with less than 60 sq. m of carpet area. Confederation of Real Estate Developers’ Associations of India’s chief also demanded special Provision of special housing zones similar to the Special economic zones.
