Industry Speak: Budget Expectation for 2017

Chintan Sheth, Director, Sheth CorpMr Chintan Sheth, Director, Sheth Corp

Accommodation Times News Service

With a series of activities happening in the real estate industry, the budget 2017 will be a crucial affair for the realty market. There are huge expectations from the Government which is already making the right moves creating the perfect atmosphere for the industry.

Firstly, the Government needs to put in place the single window clearance for projects. While the demand for housing in metropolitan cities is only on the rise, and the industry is not able to bridge the gap between demand and supply quick enough as the already lengthy process of construction is further increased by the difficulty in obtaining permissions.

Mumbai’s realty market focuses on the mid and the affordable segment of home buyers. The Government can exempt Income tax for affordable homes built for economy weaker sections and low income groups. The reduction of service tax will take off huge load off the shoulders of home buyers as they are already loaded with several other taxes. We expect the Finance Minister to roll out special incentives for first-time home buyers in the affordable housing category which will help in trimming the financial burden on home buyers and further enhance their buying power.

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