Publication: Zee Business, 20th Jan 2021
Budget 2021 Expectations LIVE: Nishit Jalan, CEO, Grovy India
“The year 2021 is expected to be the year of revival of the real estate sector. This year has started on a positive note and to maintain the momentum, the industry is expecting innovative and path-breaking announcements. This year’s budget needs to focus on bringing the cash flow back into the real estate industry by encouraging young and first-time home buyers, and investors. The budget needs to address the cash flow crunch in the industry and accede to the long-standing demand of granting industry status to the sector.
Further to reduce the burden on the homeowner, the stamp duty needs to be revised on a national level.
Changing the GST slab of sale of the under-construction property to nil rated GST, even for a limited period of time will go a long way in improving cash flow for under-construction properties. Providing income tax relief for home buyers on a second home will allow more people to invest in the sector and give a boost to holiday homes specifically.”