Times Property: Great Expectations – Will this Budget Prioritise Real Estate?

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Times Property: Great Expectations – Will this budget prioritise real estate?


(Photo: Courtesy Times Property)

Mayank Ruia, founder and CEO of a real estate company suggests:

Simplifying capital gains tax provisions:

Acknowledging the intricacies of the capital gains taxation structure, which involves multiple factors such as asset classification, residential status determination, and computation of acquisition costs, the Budget is expected to introduce measures aimed at simplifying these provisions. This move would alleviate the compliance burden on taxpayers, potentially leading to higher levels of compliance and improved revenue collection.

Reinstate input tax credit for real estate:

The real estate industry is expecting reinstatement of input tax credit, particularly for residential projects with higher GST. This measure is seen as crucial for controlling property prices and ensuring affordability without compromising on quality.

Reducing GST rates on construction materials:

Another key expectation is a reduction in GST rates on construction materials. This move is intended to help strike a balance and promote affordability in the real estate sector without compromising on the quality of construction materials.

Strengthening RERA and GST regulations:

This will create a transparent and consistent regulatory environment, instilling confidence among investors and developers alike, and fostering an atmosphere conducive to sustained growth.

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Posted on

February 1, 2024