30/01/2024
. Here's a snapshot of their expectations, which we've compiled:
1. Industry Status: The sector seeks "industry" status for recognition, attracting investments, and bolstering credibility.
2. Tax Incentives: Realtors are eager for impactful tax incentives, including a 12-month holding period for property transactions.
3. Affordable Housing: Focus on affordable housing with increased tax deductions to broaden home ownership.
4. Streamlined Approvals: A single window clearance system to simplify complex approvals and permitting processes.
5. Regional Development: Allocation of infra-development funds for Tier 2 and Tier 3 cities to promote balanced urban growth.
6. Reduced Capital Gains Tax: Advocating a drop in long-term capital gains tax from 20% to 10% to stimulate real estate investment.
7. Reviving Incentives: Reinstating expired tax incentives to boost affordable housing projects.
8. Broadened Housing Cap: Expanding the cap on affordable housing from Rs. 45 lakh to Rs. 65 lakh for wider accessibility.
9. Carpet Area-Based Affordability: Defining affordability based on carpet area, reflecting actual property value in areas with high land costs.
These measures aim to foster growth, affordability, and transparency within the real estate sector.