Our Director Mr. Rakesh Reddy’s reaction to the Union Budget’s impact on the industry.
Mr. Rakesh Reddy, Director , Property House Magazine
The Union Budget for 2022-23 focuses on inclusive development, energy transmission productivity, climate action and investment funding. Prioritizing ease of doing business will assist in attracting new investment and promoting entrepreneurship. This budget, in general, will build the foundation for the next 25 years of growth. In the coming year, India’s growth is expected to be 9.27%, which would be comparable to pre-COVID levels. Despite rising demand, global concerns like inflation and supply chain disruption must be considered.
80 lakh households would be identified for the inexpensive housing programme, with Rs 48000 crore to be invested in the PM Housing Scheme, which is a positive step for the affordable housing segment. Further development measures include the investment of Rs 60000 crore in the Nal Se Jal scheme, which will offer tap water to 3.8 crore families and the expansion of the highway network by 25000 Km, which will increase connectivity.
While the aforementioned activities are encouraging and necessary for the real estate sector’s recovery, there are still more steps that can be made to boost demand in the future. The government needs to simplify tax rates and remove administrative hurdles. Personal tax relief must be addressed by revising the tax slabs and increasing the deduction limit under Section 80C, as disposable income is a significant limitation on demand. Revised income tax slabs will benefit the real estate industry by lowering overall tax expenditure. Expanding the number of income tax deductions available to homebuyers might encourage new purchases and expand the market.
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