Mr Shrinivas Rao, MRICS CEO-APAC Vestian Global Workplace Solutions

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Shrinivas rao

Effect of the proposed budget on the Real Estate sector

“Real Estate sector is cautiously optimistic about the interim budget with expected changes in GST providing relief to potential home buyers which can significantly boost the residential segment. Additionally, exemption of taxes on notional housing rent will further encourage taxpayer to purchase and maintain second homes. Rollover of capital gains to two properties, extension of affordable housing tax benefits for housing projects till 31 March 2020 and exemption of tax on notional rent of unsold inventory for 2 years will provide more benefits to the Real Estate sector. “

On the Interim budget as a whole

“Proposed reforms such as exemptions on income tax and direct financial benefits along with the PM Kisan Nidhi Yojana come as a relief for the middle-class and farmers respectively. Although the proposition does seem like a roadmap for rural and urban economic development, the upcoming July budget will bring further clarity.”

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