Pre Budget-comments 2023 – Mr. Samyak Doshi, Director, Bhoomi Group
Mr. Samyak Doshi, Director, Bhoomi Group
We look forward to the upcoming budget in anticipation that the government grants us our long pending demands for industry status, single window clearance and infrastructure status. This will assist us in getting cost-effective funding to construct large-scale housing projects.
The luxury housing segment has been doing remarkably well post-pandemic. The depreciation of the Rupee vis-à-vis the US Dollar has renewed NRI interest in investing in property back home. The government should reconsider the applicable tax deducted at source for non-residents, enabling us to build our forex reserves.
The government should consider increasing the deduction available for home loans under Section 24 (b) from Rs 2 lakh to Rs 5 lakh. This will result in positive consumer sentiments creating a stimulus to increase demand for housing. Tax incentives and credit subsidy schemes should be extended to a larger segment of homebuyers.
There should be some tax concessions for first-time homebuyers and re-introducing GST with an input tax credit for under-construction properties that will generate demand among homebuyers.
The industry needs the government to intervene and address our concerns which will help in the healthy growth of the housing sector. A flourishing real estate sector will nurture a healthy economy.