The realty industry remains one of the most precise bellwethers of the state of India's economy. Like all other sectors, real estate, which contributes more than 8 percent to the Indian economy, too has expectations. Anuj Puri, Chairman of Anarock Property Consultants, said the housing industry needs focused measures to further bolster demand in 2021. This year, the demands go beyond the usual suspects of single-window clearance and industry status, he said.
Homebuyers and investors need focused tax incentives to get mobilized, he said, adding that developers' liquidity woes need to be alleviated to forestall further market mayhem.
HERE'S WHAT THE REAL ESTATE SECTOR WANTS
(Excerpts from Anarock Property Consultants Chairman Anuj Puri)
Hike the INR 2 lakh tax rebate on housing loan interest rates under Section 24 of the Income Tax Act to at least INR 5 lakh to generate healthier housing demand, most notably in affordable and mid-segment housing.
Personal tax relief, either by tax rate reductions or amended tax slabs: The last increase in the deduction limit under Section 80C (to INR 1.5 lakh a year) was in 2014 and an upward revision is long overdue.
READ MORE: Budget 2021: Govt may tweak customs duties on several goods
GST waiver for under-construction homes: The present GST rate on under-construction properties is 5% minus the ITC benefit for premium homes (>INR 45 lakh) and 1% for affordable homes (
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