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The real estate sector hopes big package in the budget, 'request’ from the Government to keep safe from slowdown

Tuesday - June 25, 2019 4:14 pm , Category : BUSINESS
The demand of the real estate sector to reduce rates of the home loans
The demand of the real estate sector to reduce rates of the home loans

Many 'expectations' of the real estate sector to the budget

JUNE 25 (WTN) - As you know next month the Modi Government is going to present its first full budget of its second term. After the massive victory in the Lok Sabha Elections, many expectations of all are with the Modi Government that the Government will give a lot of relief to the common people in this budget. The people related to the real estate sector in this connection also expect from the Modi Government to take some special measures to overcome the recession in this sector, which once again got to see the boom in this sector.

There is a considerable slowdown in real estate sector since the demonetization. The reason for this is that since demonetization, the black money investment in the real estate sector has come down significantly due to which the builders, who are not working in a transparent manner in the sector, are facing a recession. Since the demonetization, the Modi Government has made many rules for bringing transparency in money transactions, since people are scared of money laundering in the real estate sector.

As you know, the Modi Government has plans to give home to all by 2022. In such a situation, the real estate sector is expected to provide an economy relief package from the Modi Government's budget, which will make people come back to buy a house once again. People in the real estate sector are demanding that the Modi Government needs to make huge announcements to end the recession in the real estate sector. That is why, because many other sectors depend on the real estate sector. If the purchasing of houses becomes low, then other sectors which depend on real estate sector will also have to bear the recession.

The real estate sector demands that the Modi Government should reduce the rates of home loans, which will benefit both home buyers and investors. Sector's demand from this budget is that the real estate sector should get the status of the industry, due to this, the real estate sector will be able to raise funds. The sector demands that the Government should also make changes in the credit linked subsidy. The real estate sector wants to change the GST to speed up the sector again.

The real estate sector demands that the Government should improve the tax structure and reduce tax in the slab of 5 lakhs to 10. To do this, there will be more money in hands to spend the people, so that they can think of buying a home on home loan. There is a great demand from the Modi Government of the sector that the Government should pay attention to the plan of rental houses in the budget. For this, the developers who make rental houses should be given tax rebate for 10 years on the income generated from such schemes.

Experts associated with the real estate sector believe that the Modi government is dreaming that everyone will be given a house by the year 2022. But it is true that there is a shortage of houses in the country, yet the economic condition of everyone is not such that they can build houses or buy. Keeping all these things in mind, there is a need to encourage the business sector giving home to the lease. It is to be seen now that which type of certain decisions the Modi Government takes in the budget for these demands of the real estate sector.