Annuj Goel, MD, Goel Ganga Developments
In the wake of rising construction costs, the government should consider a reduction in taxes on raw materials used in the real estate sector because these are the essential building blocks of the realty domain. Also, the real estate sector expects the government to reduce stamp duty and GST as well.
Further, we expect an increase in deduction limit under Section 80C of the Income Tax Act in the interest of homebuyers. Also, tax benefit should be given on the interest component of the home loan paid on under-construction properties. As of now, this holds valid only for ready-to-move-in properties.
In addition to all these expectations, we want the government to come up with more policies for the real estate sector as this government has a huge focus on making India a self-reliant nation with its Atmanirbhar Bharat and Vocal For Local campaigns.