Need To Relook At Definitions
Budget must keep in mind migration to urban areas and pressure on housing, says SAMYAK JAIN.
We hope the upcoming budget 2023 will be the catalyst of good tidings for the Real Estate Sector. While the Industry is out of pandemic induced hit, it needs boosters to be able to continue the growth.
We look forward to more first-time home buyers having access to affordable housing by availing credit link subsidy scheme benefits. For this, the government should revise the cap further upwards in metro cities. The Government should introduce tax sops for first-time homebuyers.
We appreciate the government’s genuine efforts in promoting affordable housing. The cap of Rs. 2 lakh per annum against interest rate deduction under section 24(b) of the Act needs to be increased manifolds. This along with removing the Rs 45-lakh cap from affordable housing will boost the segment.
We hope the government increases the budget outlay for development of infrastructure projects in Mumbai. This will improve connectivity and ease of travel for Mumbaikars. Improved infrastructure has a cascading effect on the real estate sector with an expected surge in demand for housing across the city.
People from smaller cities as well as rural areas are moving into metro cities in large numbers and, therefore, the demand for housing is all set to rise. Timely government intervention is therefore very much needed. (The Author is Director -Siddha Group)
