Perspective - WHAT THE REAL ESTATE SECTOR EXPECTS FROM FM?

Perspective

WHAT THE REAL ESTATE SECTOR EXPECTS FROM FM?

BUDGET 2021

By Team Stimulus

25 Jan 2021

GEARING UP FOR THE BUDGET 2021:

The Union Budget for the financial year 2021 is scheduled to be tabled by Union Finance Minister Nirmala Sitharaman on 1st February. There is more anticipation in this budget than ever before, because the budget is expected to address a large group of sectors and public, which have been hit hard by issues such as the economic downturn and the financial crisis following the Covid crises.

The demand from the real estate sector is strong despite expectations from other sectors on this 2021 budget. It is due to the financial crisis among the people following the impact of the Covid, where most people have given up the idea of buying a house or property. Thus, house sales are inactive. The real estate sector expects incentives such as tax breaks to boost sales again. The sector also expects tax relief and repayment under Section 80C of Income Tax Act on repayments when making a home loan.

The Real Estate Developers’ Associations of India has more than 20,000 members from across the country. A request has been made to the Central Government on behalf of this organization for a tax concession. It is hoped that the real estate sector will return to normalcy if the 2021 federal budget includes features for this.

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