From GST cut to more tax sops on home loans, what real estate sector wants4 min read 27 Jan 2022, 06:20 PM IST
While there were some relaxations awarded by the government to real estate sector in Budget 2021, there are still concerns which need to be addressed in Union Budget 2022, considering that lockdown and restrictions have been again imposed in various states and there is looming uncertainty in the markets
Until 2021, the real estate sector was one of the hardest hit sectors in the country due to adversities faced at the time of lockdown imposed during the pandemic. In the past year, the housing market has seen a steady recovery from the downfall caused due to the pandemic, with residential sector outperforming other sectors despite pandemic constraints. However, with the threat of new COVID variant Omicron, the recovery of real estate market may face a setback and experience a slowdown again. Given that the COVID situation remains volatile, the real estate sector is anticipating some relaxations and exemptions to be announced by the Union Budget 2022, to ease the burden the sector is facing and foreseeing. The expectation in the upcoming year is that effect of new variant is mitigated and adequately contained in a manner that the real estate sector revives and reach the pre-COVID levels. Market leaders hope that the Union Budget 2022 will aid and support this expectation and provide impetus and incentives to the developers to enable growth in the real estate sector.