Builders upbeat on multiple realty sops

    Affordable Housing
    The Union Budget 2016-17, which focuses substantially on affordable housing and offering sops like service tax exemption for construction of affordable housing up to 60 sqm. under state and central housing schemes and 100% tax deduction to an undertaking from a housing project for units up to 30 sqm. in four metro cities and 60 sqm. in other cities, approved during June 2016 to March 2019, and is completed within three years of the approval are set to take the real estate sector to newer highs, said MD & CEO, L&T Realty, Shrikant Joshi, adding that the move will provide much needed boost to the affordable housing schemes across the country and that in case the area restrictions not been there, scope of this initiative would have been much wider.

    Removing the last hurdle for REITS, i.e., the withdrawal of dividend distribution tax (DDT) will finally pave the way for their introduction in India. Once in play, REITs will bring in lot more investments in real estate space and will create much needed liquidity among the market participants. As a matter of fact, the announcement of deduction of Rs. 50,000 per annum in interest for home loans up to 35 lacs for homes costing not more than 50 lacs is a welcome move and will give an impetus to demand in the housing spectrum will encourage customers awaiting to buy their homes. Moreover, with the Indian government confident of meeting its fiscal deficit target, further rounds of interest rate cut is expected will further boost the real estate sector by bringing much needed affordability into the market and that the planned increase in spends on Infrastructure sector specifically in road and rail sectors again augur well for real estate with the linkages that both sectors are expected to provide, he insisted.
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