Forthcoming pre-budget views by Dr. Niranjan Hiranandani – National President – NAREDCO & CMD Hiranandani Communities.

“The real estate sector has been at the forefront of the Indian Governments agenda given its potential to propel economic growth significantly. I would look upon the forthcoming budget to take things and get expedited and become a reality faster – and ensure that India’s home seeker get their ‘dream home’.”

While the list of expectations is long, key expectations are listed below:

1. Industry status to the full Real Estate sector will help in creating surplus housing demand along with financing at the lower rate for long-term projects.
2. Rationalisation of GST by capping at 6% with input tax credit for the entire segment in real estate to help revive and boost demand.
3. Removal of Taxing Notional Rent Income – Taxing notional rent income after one year from the end of financial year in which completion certificate is obtained will lead to serving financial implications.

Union Government has to make housing, infrastructure, and construction as a focal point then the multiplier effect on the economy will be extremely positive in tandem with other potential growth triggers like Single window clearance, ease of doing business, perennial job creation, execution of reform policies is a mandate for economic growth traction.