Realtors seek tax sops, industry & infra status for sector in Budget this year

Real estate developers expect the government to provide industry as well as infrastructure status for the sector, increase the corpus of Rs 25,000-crore stress fund, and more tax sops for both homebuyers and builders in the upcoming Budget to boost property demand.

They also hope for single-window clearance for projects, measures to boost liquidity, reduction in the GST rates and availability of input tax credit on the GST paid in the Budget 2021-22, which will be presented on February 1.

“We sincerely hope that Budget 2021 brings some much-needed relief to homebuyers as well as developers,” Tata Realty and Infrastructure MD & CEO Sanjay Dutt said.

As the sector”s growth relies heavily on the upcoming financial amendments, he said the government should grant industry status to the real estate sector and a single-window clearance mechanism for faster completion of projects.

“One GST, one or no stamp duty regime and reduction in registration charges across states are some of the other recommendations which will make a significant difference to the cost of a project and will definitely encourage home buyers to invest,” Dutt said.

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