Realty Sector Demands the FM to ease liquidity crisis and ease External Commercial Borrowing
Realty sector is considered to be the second-largest job providing sector in the country. Therefore, having expectations from the Union Budget is nothing unusual. Finance Minister Nirmala Sitharaman is gearing up for her very-first Union Budget...
By: StarOm Millenia
As one of the realty leaders StarOm Millenia, they expect the government should spur growth and offer clarity over the liquidity crisis faced by the NBFC. The sector is looking forward to the Modi Sarkar 2.0 for allocating substantial budget to developing the infrastructure of the sector. There were several policy reforms such as RERA along with GST; both had introduced a brand-new dimension to the entire real estate sector. Moreover, the sector is expecting that the government will ease External Commercial Borrowing, to welcome foreign investments. On the same page, the realty developers also expect the introduction of housing bonds and allowing special status to the housing finance agencies, similar to the banking sector.
The director of StarOm realty seeks that the government must take baby steps to implement policies that reduce the home loan interest rates. It will unquestionably turn into one of the most reliable options to heighten sales for projects in Kolkata and other metro cities.
The tax benefits in real estate are limited, so the realtors are pitching to the government that they relax the rules for cross purchasing. In the current situation, the money used for buying a residential property from the sales proceeds of commercial property and vice-versa does not enjoy tax benefits. Hence, we look forward to the redressal of this policy which is detrimental to the buying and selling of residential and commercial properties, thereby hindering the growth of the real estate industry, said by Mr. Munish Jhajharia.
Furthermore, there is an appeal to reduce the corporate tax and extend the SEZ program. There is an underlying fear if tax benefits are taken away then it will pose a threat to the job creation. In this case, there must be an exclusion of the rent assets residential projects in Kolkata and other cities for the initial year. It will generate a chance for leasing out to those who cannot bear the costs to acquire properties.
Recently, there were tremendous NRI investments taking place, and real estate is the most precise choice for them. The industry heads are forwarding the aspect and presume that the FM must curate certain workarounds to bring in more foreign investments. As a conclusion, the industry is ready for the forthcoming union budget session and hope to make successions in the global scenario.
StarOm Millenia is coming up with a G +12 High Rise residential project, ideally located at BT Road, North Kolkata.
For more information, log on to https://www.starommillenia.com/
Address: 4 Nilgaunge Road, Near Dunlop Crossing, Kolkata, West Bengal 700056
Phone: 033 4002 4002