David Walker, Managing Director, SARE Homes says that the Modi Government’s first full year budget will give top priority to reduce the fiscal deficit in the medium term, which will further augment the case for interest rate reductions. “Key aspects to watch for on this are sale of state industries to the more efficient private sector and better targeting of subsidies to ensure more actually gets to those in need whilst cutting their overall cost.”
He feels that clarification and simplification of Foreign Direct Investment (FDI) investment rules and taxation of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts will attract foreign capital for development of infrastructure and smart cities.
Infrastructural development, which has the potential to propel the country’s economic growth, has been the priority of the Narendra Modi Government. Mehul Thakur, Director, Viva Homes says that it is imperative to introduce policies and incentives that will boost the sector.
He is expecting higher tax exemption limits for home buyers. Moreover, a separate industry status for real estate is expected to help boost domestic bank lending, increase FDI into the sector and ease external commercial borrowing. A mechanism for single window clearance is also need of the hour, he adds.
Kamal Khetan, CMD, Sunteck Realty Ltd adds that pacing up infrastructural development should be the primary focus of the government. He further says that easing interest rate should be another primary focus of the union budget.
Abhishek Kapoor, Parner, Neumec Group says, “Single window clearance, regulatory bill and faster approvals has long been on the wish list and we hope the government will address it this time around. Also, there’s an urgent need to relook at the land bill and the real estate regulatory bill.”
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