This time, in the real estate sector of the country, there can be special eye-sighting in the budget 2019-2020.
On behalf of the government, the representatives of the housing industry have been clearly indicated that there will be several measures to increase the demand in this sector.
In particular, by 2022, every family will be encouraged to promote affordable housing units to achieve the goal of providing their own house.
The government’s gravity about this is revealed by the fact that there have been three meetings with the real estate industry in the past few weeks.
Real estate representatives who discuss their demands with the government say that they have got a firm assurance that overall measures will be taken to overcome the recession of the entire housing sector.
There will be no budgetary announcements, but there will be announcements from the Reserve Bank to remove the problem of a fund before this sector.
Government agencies and industry will jointly try to overcome the recession of the real estate sector by the end of this year.
In the memorandum presented by the Institute of Real Estate Sector CREDAI to the officials of the finance ministry engaged in the preparation of the budget 2019-2020, the demand for interest on a home loan is to increase the existing level of income tax exemption to two lakhs to four lakhs.
After this, there is another demand, additional incentives for companies offering cheap houses.
Credai chairman Jaxshah Shah says the real estate sector has recovered from the ban of bankruptcies.
The problems that were born to GST have also been solved almost. There is no doubt about Rera and all are cooperating with it.
In such a way, a little bit of support from the government on behalf of the government can prove to be a reminder of the entire housing sector from the recession.
This sector can simultaneously give new fast growth to the industry, including cement and steel, which is struggling with recession.