“This year’s budget is expected to meet many expectations. Especially while the entire economy is still recovering from the pandemic, the first that comes to mind will be, raising the tax exemption threshold, which will lead to more robust property investments; this is expected as part of the infrastructure focus. These benchmarks can be accomplished by extending the exemption limits under section 80 (C) of the Income Tax Act of 1961 or establishing separate provisions for principal repayments on house loans. Another expectation will be to reduce GST rates and registration Tax, which usually forms a significant part of property cost, making it an expensive affair. The price of raw materials has also increased lately, hence lowering GST rates will be a great relief for the developer fraternity. A successive requirement in the budget will be to provide a better tax rebate under section 24 (B), as it is necessary to increase the home loan interest deduction from a bracket of Rs 2 lakhs to Rs 4 lakhs. This step will incentivize home buyers’ savings and play a significant role for buyers in making quick decisions towards buying a home. In my opinion, realtors have made solid requests for tangible infrastructure status for the industry. This project will adequately support the industry’s build-up of liquidity, resulting in enhanced decision-making power on supply-side costing.”
