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Expectation Of The Leading Real Estate Developers Of West Bengal: Union Budget 2022

Watch-Union Budget 2019-20: Budget Speech by Union Finance Minister Nirmala Sitharaman
Watch-Union Budget 2019-20: Budget Speech by Union Finance Minister Nirmala Sitharaman

The real estate and construction sector have a significant contribution to India’s GDP. Therefore, it is important to take the desired steps towards the recovery of the entire sector with the help of the budget measures to be announced by the Finance Minister.

In the financial year 2021 the real estate business of West Bengal was remarkable. By lowering stamp duty & circle rates the State Government of West Bengal played the most important role leading towards noticeable change in real estate sales figure. In addition to this pent-up demand and surge in aspiration for home ownership helped to accelerate the demand in real estate. As the 3rd & 4th quarters of 2021 were quite encouraging for the industry, developers are expecting good times for Real Estate in 2022.

Mentioned below are the expectations from Union Budget 2022 from the leading Real Estate developers of West Bengal.

Mr Rishi Jain, Managing Director, Jain Group: “In respect to the last financial year’s budget this time also we are expecting the government should take an accommodative and understanding approach, especially towards the business sector. Multiple waves of covid 19 Pandemic have largely affected the hospitality sector and retail sector. Yet bankers are doing well and posting their highest profit in Q3 and Q4 of the current financial year. So, for sure they are making profit not only from the shareholders but also from the customers partially. Apart from the tax and subsidy model, this year’s budget should be more focused on the priority sector and small businessmen and entrepreneurs who are truly fighting for their survival”.

Mr Arya Sumant, Managing Director, Eden Realty: “The CLSS Scheme benefits be extended for all segments up to MIG II level as it has been extremely helpful for people at large as more and more are feeling the need for buying their own home. Moreover, further tax breaks for the organisations building affordable housing will be of great support in these difficult times”.

Mr Abhishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Ltd: “Amidst the various bouts of covid and covid-induced lockdowns, the real estate industry is slowly looking up and has performed quite well in 2021. The real estate sector is the second-highest employment generator in India. The industry is expected to reach a market size of $1 trillion by 2030, while contributing around 13% to the GDP of the economy by 2025. It is really heartening that during the pandemic, the government made necessary and timely policy interventions to support the sector. At present, interest rates are already at their lowest. Additionally, an extension of the PMAY scheme for homebuyers will go a long way in boosting the market sentiment and will give an additional incentive for new home buyers. Also, we would also expect the government to relook at the definition of ‘affordable’ housing both from the value of the house as well as its size to provide a much-needed boost to the sector. Softening of the prices of input costs will also aid further improvement of the real estate sector”.

Mr Sanjay Jain, Managing Director, Siddha Group

The real estate sector has high hopes from the upcoming budget. It is true that the Government made few announcements throughout 2020 and 2021 that would help the sector in streamlining movements. But in the new Budget, we expect actions to be taken forward and implemented at the earliest.

We would want the Government to focus and help us with the following –

·         Single Window Clearance: Affordable and mid income projects which are stuck at the advanced stages of development required a special window clearance.

·         Housing For All: Subsidy on cost effective materials for developing affordable projects.

·         Claim Input Credit: Input credit claim should be set off against GST billed in rental case of commercial projects since the rental income is not generated from sale of capital assets.

·         Investor Interest: Remove taxation related inefficiencies so that investors are interested to invest.

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