ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » India News

Anarock budget wish list for realty sector: Industry status, more bank funds, ITC benefit in GST

The liquidity crisis is the major factor preventing completion of over 5.6 lakh stalled units across top seven cities.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Anarock budget wish list for realty sector: Industry status, more bank funds, ITC benefit in GST
On the GST regime, he said ITC benefits should be re-instated. Photo: Reuters

Property consultant Anarock has demanded industry status for the real estate sector, single-window clearance for development and increase in bank funding to developers for completing projects in its wish list for the upcoming budget. It has also pitched for re-introduction of input tax credit (ITC) in GST, which has been withdrawn from this fiscal year. "With the Modi government taking full charge, all sectors have high hopes from the finance minister - who is already saddled with multiple issues including the slowing economy, liquidity crunch due to NBFC crisis, lack of job creation and rising NPAs, among others," Anarock Chairman Anuj Puri said.

Since real estate is one of the major contributors to the gross domestic product (GDP) growth and can help the government resolve the shortfall in job creation to quite an extent, he said it is naturally expected that the upcoming budget will help the industry. Besides the usual demand for single-window clearance and industry status, Puri said the budget should include further tax sops to homebuyers as well as investors to help the sector recover from liquidity crunch. "From the builder perspective, their funding issues need serious attention."

The consultant said there is a need to refinance non-banking finance companies (NBFCs). "The liquidity crisis is the major factor preventing completion of over 5.6 lakh stalled units across top seven cities. For this, the government could possibly increase the finance limits for NBFCs - a major source of funding for developers. This will help revive the sector to a large extent," Puri said. He also stressed on the need to increase bank funding to developers. Seeking more tax benefits for homebuyers and investors, Puri said, "While the interim budget in February did try to woo back investors and buyers alike by offering some sops, there need to be more direct benefits by way of reduction in income tax slabs, higher relief on housing loan rates, and an increase in the deduction limit under Section 80C from the current Rs 1.5 lakh a year."

On the GST regime, he said ITC benefits should be re-instated.

"Without ITC benefits, builders are seeing sizeable drop in their profits and will eventually pass the buck on to buyers in the form of higher prices. With the ITC benefit, property prices will remain under control and thereby boost sales, helping beleaguered developers to overcome some of their financial stress," Puri said. From April this year, the government has withdrawn the ITC benefits, but reduced GST rate to 1 per cent from 8 per cent for affordable housing. For other housing projects, the GST rate has been cut to 5 per cent from 12 per cent earlier. The government did give a choice to developers to follow old rates in case of projects launched before April 1, 2019. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Goods and Service taxUnion BudgetGross Domestic Productinput tax credit
Written By: PTI
Updated: Fri, Jun 14, 2019
12:13 pm
New Delhi, PTI
RELATED NEWS
Government explores framework to ensure GST rate cut benefits consumers. Government explores framework to ensure GST rate cut benefits consumers.
Goyal asks banks to meet realty cos within a fortnight to understand industry issues Goyal asks banks to meet realty cos within a fortnight to understand industry issues
GST evasion worth Rs. 3,026 cr detected in 1 year: Govt GST evasion worth Rs. 3,026 cr detected in 1 year: Govt

LATEST NEWS

Apple iPhone 14 Pro to feature Always-On Display - Check expected launch date, specifications and more

UPSESSB TGT Recruitment 2022: Last day soon to apply for 3529 TGT posts - Check full detail here

Amazon Fab Phones Fest: Up to 40% off on smartphones from Apple, Xiaomi, Samsung, Tecno and more

Rupee tanks 46 paise to close at record low of 78.83 against US dollar

Zee Business questions Zomato’s move to leave out retail investors from its investor call; Managing Editor Anil Singhvi call out bias, demands this

15 more firms selected under PLI scheme for white goods

Lentra acquires AI company TheDataTeam, to deploy 'Cadenz' for data-driven decisions

Wealth Guide: National Insurance Awareness Day 2022: Significance, importance of 'Financial Security' - Expert explains

Brigade Enterprises jumps 6% after securing JDA to develop 2.1 million Sqft area in Chennai

Zee Business exclusive research on stocks to keep under your radar amid volatility in commodities

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV