Real Estate

The sector, which has seen some pathbreaking changes with demonetisation and the RERA Act since 2016 was hoping for a revival felt dejected with lack of emphasis and further reforms in the Union Budget 2018-19.

Experts were disappointed with no changes in the income tax slabs and absence of other direct measures that influence the real estate sector.

The real estate sector sees Union Budget 2018 as a balanced one with focus on affordable housing.

Industry players are expecting rationalisation of the GST rates from the current 12 per cent to 6 per cent and bringing stamp duty under the ambit of GST.

The property developers are adding to a pile-up of bad loans in India's banking sector, which is already struggling to manage a spike in stressed assets across several industries.

Bharti Realty sees big shift in demand towards organised real estate developers post introduction of new real estate law RERA and GST, MD and CEO S K Sayal said.

The real estate industry is pinning its hopes on Finance Minister Arun Jaitley to rationalize the GST rate applicable to it.

ANAROCK sought further tax rationalisation on Real Estate Investment Trusts (REITs).

Sales declined to 2,18,500 units last year in Gurgaon, Noida, Mumbai, Bengaluru, Chennai, Kolkata, Pune, Hyderabad and Ahmedabad -- against 2,63,500 units in 2016, said PropTiger.

The launches of new homes in Delhi-NCR declined by 56 per cent to 11,726 units in 2017, which resulted in fall in number of unsold inventories by 13 per cent to 1,66,831 units, according to Knight Frank