Rationalisation of taxes, lower approval costs to boost investment and development in sector.
Mumbai: As the third term of Prime Minister Narendra Mo di’s government begins, the real estate sector is optimistic, advocating for crucial reforms for continuation of growth and streamlining of operations.
Industry players and experts are emphasising the need for tax rationalisation and reduced approval costs to foster a more conducive environment for in- vestment and development.
Stakeholders across the sector are hopeful that reforms will continue to stimulate growth, enhance transparency, and address the pressing challenges of affordability and sustainability.
“To shape up India’s real estate landscape, the formation of right and relevant policies will be pivotal. The Pradhan Mantri AwasYojna (PMAY) scheme ne- eds to be continually pushed to achieve all housing goals efficiently and time-bound. Reducing the cost of approvals, development premiums, stamp duty, and ready-reckoner rates, in addition to rationalizing tax and
GST, will accentuate its growth.” said Niranjan Hira nandani, Chairman, Naredco National.
As cities continue to grow, the call for affordable housing reaches new heights. Industry experts are hopeful of increased government attention and incentives to address the gap between housing supply and demand. Measures like tax incentives, subsidies, and improved credit opportunities for first-time buyers could play a crucial role.
“We hope the government will continue to support the housing sector that has linkages with mo re than 250 allfed industries. Re- forms in the goods and services tax (GST) structure for the realty sector is among the key expectations. A streamlined and simplified tax system would be advantageous for developers and homebuyers alike, fostering a more robust market environment,” said Deepak Goradia, CMD, Dos- Realty.
During the last two terms, the government has been pushing development of infrastructure and connectivity not only in metros and tier-I cities, but al- so in tier-II cities and towns. This has been helping in the emergen commercial 1ce of newer and housing markets.
“Infrastructure development re- mains a critical area. Enhancing connectivity through robust infrastructure projects not only boosts realty development but also uplifts the overall economy We anticipate increased investment in urban infrastructure, smart cities, and transportation networks,” Pritam Chivukula, vice president, Credal-MCHI and co-founder & director Tridhaatu Realty.
Source- The Economic Times
