Every year, the Union Budget can represent the government with a great chance to twist the direction that the Indian economy is enchanting. In some cases, the tough decisions are taken, but essentially go down well. At most of the times, the budget is obviously meant to be crowd pleasure. This usually invariably, when the government is completing its term as well as common elections emerge for noticeable reasons. At present, the existing government has done a lot of things, especially for the Indian real estate industry. When it was in the type of complex decisions such as trouble making and demonetization, it is very essential RERA.
Now with the tough decisions taken, the sector of Indian real estate believes that it is the getting end of the compassion, which obscured in the populist budget. This compassion requires going beyond for enhancing the personal finances as well as the disguised boost to the investment desire of the real estate. In spite of the very practical posture of government towards regulating and cleaning up the sector, now there are many policy related pain points available, specifically where the future Union Budget can make the crucial comparison.
Single window clearance
Regardless of, it is being a very obvious and desire need. The Government’s dream of housing for all by the end of 2022, it is a little bit of ambiguity. The endorsement and clearing process for the projects of residential real estate has been hindrance for a long period of time. There are so many initiatives taken into taken to make the conducive business environment in the sector. The great demand for the mechanism of single window clearance in entirety is yet to be satisfied.
If it is implemented properly, this single window clearance can drastically decrease the cycle time of the entire projects and the developers will be able to concentrate on their project implementation of the core business. As per the post- RERA, it has become the whole essential things to assist the approvals and smooth clearances, so that there are no delays of implementation because of the technical impediments.
Status of industry to the real estate sector
The long standing demand has so distant gone unmet again. So, the real estate is one of the key GDP contributors and the fourth largest employment generator in India. The status of expanding industry to the whole real estate sector will highly support to increase the funds at very lower rates. In turn, the project costs can be decreased that greatly helps in approaching demand. In addition to, the comprehensive growth of the real estate sector will support in developing employment across the different sectors that are indirectly or directly related to it.
Tax rationalization on REITs
The initial REIT is until now to be listed in India. Alternating the taxation norms for REITs is important needs for scheduling to begin curving in that would benefits the whole sector of real estate by simply improved the contribution of a much wider bandwidth of the investors.