The Union government, since it came to power, has been working towards bringing positive measures in the real estate segment.
With already policies like The Benjamin’s Act, Real Estate (Regulation and Development) Act (Rera), and goods and services tax (GST) in place, the need of the hour is streamlining operations.
In the 2018-19 Union budget, we are hopeful of the government considering providing the provision of single window clearance that we have been asking for sometime. This will ensure that all the permissions required for a project are sought from a single source.
This will also strengthen the vision promised by Rera, with developers being well prepared with the realty project during conception and construction phase.
Also, last year the Union budget had awarded infrastructure status to the affordable housing segment. Taking it forward, the real estate segment will benefit if it is awarded with industry status.
Being the second largest employment provider in the country, this move will make the segment more organised and provide the trust and comfort factor that buyers have been seeking for a long time now. This will also further work in weeding the unorganised players who are operating in this segment.
Another aspect that the government can look into is the GST on under construction projects, which is at 12 per cent now. A revision in the tax rates here will be welcome and boost growth in the real estate sector.
With affordable housing closely being monitored by the central government, we are expecting
some sops to be announced in the same, thus making the segment more attractive for both buyers and developers.
(The writer is group CEO - Ozone Group)