The Indian Government has played an instrumental role in growth and development of the Indian property market in terms of necessary and welcome reforms like Benami Act, GST and RERA. In spite of the government taking various upbeat measures targeted towards clearing up the unwanted players from the industry and to further regulate the sector, there are still numerous policy-related topics where-in the upcoming Union Budget 2018 can make a pivotal difference.
The budget should work towards fulfilling the long-standing demand for the mechanism of single window clearance. This will ensure that all the permissions required for a project are sought from a single source. If the same gets executed, it has the potential to considerably decrease the overall cycle time of projects and developers will be able to concentrate on their main business of project implementation.
Further it is expected that the union budget should take measures to extend an industry status to the whole zone of real estate, this will aid developers in raising funds at lesser rates and, in turn, cut down their project costs - which will ultimately help in pushing up the demand. Another feature that the government can closely look into is the rate of GST on under-construction projects which is at 12% now. By offering a tax revision here will enhance progress in the industry. Also by taking fundamental measures to boost the affordable housing segment will make the segment an attractive avenue both buyers and developers alike.
(Srinivasan Gopalan is Group CEO, Ozone Group)
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