Granting the real-estate sector the status of an industry , interest rate subvention to encourage home buyers and higher tax deductions for home loan and interest on these loans top the wishlist of city-based realtors ahead of the Budget on Wednesday.
They have pinned hopes on the change of guard at the Centre while expecting a politically chastised regime in the state to pave the way for a policy and measures that will close the demand and supply gap for homes.
Hemant Naiknavre, president of Credai Pune Metro, told TOI, “This year, with the Modi government at the Centre, we are looking for some revolutionary changes in the real-estate sector to increase the housing stock. Urbaniza tion has led to a huge shortfall and if the situation con tinues, we fear our cities will be transformed into slum cities.“
Credai Pune Metro vicepresident Shrikant Paranjape said the topmost expectation from the budget was recogni tion as an industry for the re al-estate sector. “It will bring the sector on a par with other industries for bank funding on competitive terms and oth er benefits,“ Paranjape added. Subvention in the econom ic slowdown of 1998 when the government offered interest rate conces sions has not improved drastically and a resumption of these concessions will work even now.
Aniruddha Deshpande, managing director of City Corporation Ltd., said to realize the new government's promise of a pucca house for every family in 15 years, huge fiscal and tax initiatives will be necessary . Low cost, longterm funding will play a key role here and clearances for real-estate investment trusts (REITs) will be important to make funding available, Deshpande added. Any stimulus to housing will generate jobs, incomes for people and tax revenue for government, he said.
Another measure to source low-cost funds for housing would be to treat large-scale real-estate projects (which exceed 20,000 square metres of built area) as infrastructure projects, said Kumar Gera, chairman of Gera Developments and founderpresident of Credai.
Also important will be to raise tax exemptions for interest paid on home loans to a cumulative Rs 5 lakh, even if it includes a second home, Gera said.
Anant Pandit, chairman of Apex Multicons, felt there is need to standardise tax structure as it applies to the real-estate sector. There are a plethora of taxes such as value-added tax, service tax, stamp duty and registration charges or local body tax which together adds 12% or more to the selling prices of homes, Pandit said.
Sachin Kulkarni, managing director of Vastushodh Projects, said the government should enter the housing sector once again and empower housing boards to work with the private sector to expedite affordable housing stock for millions of Indians.
Surajit Chanda, regional director of Sobha Developers, said the realty sector needs liberalized funding flow and an announcement of progres sive new policies allowing foreign direct investment will be a boost. The interest rate charged to both developers and buyers are an all-time high and some relaxation in the interest rates will prove to be a breather for people opting for home loans, he added.
Amit Bhosale, executive director, Avinash Bhosale Infrastructure Limited, said construction industry is hit by delay in getting project related permissions and environment clearances. This is a big hindrance in the overall functioning and growth of this segment, which forms a sizeable part of national income, he said.
“The government needs to bring about clarity about the special economic zone policy which has been diluted and rolled back detracting prospective investors and potential business opportunities.
The benefits for the SEZs should be reinstated. On a macro level, we need to see consistency and steadfast resolve in policies and their implementation to build credibility,“ said Rohit Gera, vice-president of Credai Pune Metro.
I’ve been a sports person, and also captained my throwball and volleyball teams. I understand the importance of extracurricular activities in our growing up years.
Trainings provide a child with the required discipline when working within teams as well as gives one the chance to follow what makes you happy. It also enables an overall development!
Dance has been my passion since I was a child and I have been thrilled to see both my little ones have this in their genes too.
This opportunity really came to my doorstep through Gera. My daughters Lavanya and Diya have had an enthralling experience being a part of not just one but three Academies (The Shiamak Davar Dan..
I cannot thank you enough for making our journey with Gera so so interesting and mind-blowing. I had never ever imagined my life taking a beautiful turn with me beginning to start my career as a music teacher that too with SMA (Shankar Mahadevan Academy) and all this has been possible only because of GERA and YOU my dear.
It is only because of your efforts and kind gesture that I could meet the man himself (Shankar Ji) and have a small recording session with him. That was like a dream come true.
I am super excited to start my journey with SMA and Gera as a teacher now.
Apart from that, Me and Prateek have always been grateful to you for making Shiamak happen for us and I ..
It was indeed a pleasure being a part of the Christmas celebrations at Astoria. Kudos to the Gera team for bringing in such a wonderful event with great carol singing participation from our own kids. It brought in the spirit of Christmas and the games, Santa, the gifts only added to it. Thanks for organising such a wonderful event which helped in community building...looking forward to many more such celebrations!..
The Christmas event organised at Astoria was a big success and a big step in bridging the gap between us and Gera. It was a memorable event as we are still in the beginning of our journey of life in our little home at Astoria. The kids have been the happiest of all and what more can we ask for when we see smiles on the faces of our little ones. Kudos to you and your team for making this event a huge success! Looking forward to many more in the years to come...
The Christmas party organised by Gera at Astoria this year was a great success with good participation from kids and parents. Our children Sia and Saish enjoyed the party to the fullest. Sia, in particular, had a gala time and reiterated her stand that Anita aunty's parties are THE BEST.... We as your customers take much pride in informing our friends that such goodwill gestures are one of the many differentiators Gera brings to us, which no other builder in Goa can boast of. Many thanks to you and your team for doing an excellent job in putting up this event. We look forward to the next one! A big thanks to the Gera Management for its efforts in community building...