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Easing the liquidity crisis, boost to rental housing and rationalising personal and other taxes are some of the suggestions put forward for the coming Union Budget by the National Real Estate Development Council (Naredco).
“Real estate expects support from the Budget to be able to play its role in GDP growth; because it is not going through the best of times. Buyer interest has been erratic at best; sales have plummeted to historic lows. Hopefully, the Budget will offer fresh stimulus for real estate as the sector has had to deal with a series of disruptions’, it said in a statement on Wednesday. Indian real estate sector expects a holistic approach rather than the piece-meal solutions that have been offered so far. The problem of liquidity is a complex one, Naredco said.
“Growth of real estate and urban infrastructure is imperative to provide an impetus to India’s economic growth. Fiscal stimulus to the real estate sector will have a manifold effect on 269 allied industries with multi-dimensional impact on enhancing the GDP growth inclusive of employment creation. It will play a pivotal role in achieving the ambitious target of $5 trillion economy,” said Niranjan Hiranandani, National President, Naredco.
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