Mr. T Chitty Babu, Chairman and CEO, Akshaya

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T Chitty Baby

We appreciate the efforts taken by the government in the last one year which includes relaxation of ECB guidelines, Establishment of an organization to provide credit enhancement for infrastructure and housing projects to facilitate financing of homebuyers under PMAY, lowering of interest rates on House Building Advance, frequent repo rate and GST rate cuts to spur the growth demand in the real estate sector. We urge the government to create policies for Single Window clearance systems and granting industry status to the real estate sector. These measures will help regulate the flow of funds from banks, investors and other financial institutions and lend buoyancy to Housing for All initiative of the government. Also, we expect that in this budget government addresses the ongoing NBFC crisis and introduce tax benefits for home buyers and real estate developers to reduce the stress on the real estate sector and help in bringing back the buyer sentiment. We also hope that the government relooks at reinstating ITC benefits for real estate developers as it will help the developers in offsetting the costs and maintain steady prices and margins for the projects, thus revitalizing the real estate sector.

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