By Pritam Chivukula
The year 2022 saw an amazing revival of the real estate sector with excellent property sales being recorded across housing segments. The industry hopes to continue with the same tempo in the year 2023 as well.
We look forward to the Finance Minister granting industry demand of increasing the tax slab upto Rs. 5 lakh from present Rs 2 lakh per annum, against interest rate deduction under section 24(b) of the Act.
Property rates in metro cities are very high and out of reach for most home buyers in the lower property segment. Revising the cap from 45 lakh to 1 crore in metro cities, for home buyers availing the credit link subsidy scheme will immensely benefit customers in the affordable housing category and make housing more accessible to them.
The Government should introduce tax sops for first-time homebuyers and re-introducing GST with an input tax credit on under-construction properties that will reduce property rates thereby generating demand among homebuyers.
The government should consider expanding the SWAMIH Fund which will not only ensure completion of stressed projects but will also broaden the scope across property segments and assist developers of stressed projects in delivering them on time too to the home buyer. This will ultimately boost the confidence of the homebuyers.
The real estate sector is looking at continuation of a robust housing demand in 2023 and developers expect the government to play a more constructive and supportive role. A robust housing sector will complement infrastructure development and will be a catalyst to the growth of the economy as well.
Pritam Chivukula, is Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI-MCHI
Also Read: Real Estate looks for enhanced impetus in Union Budget 2023-24