Mumbai real estate expects good news from Union Budget 2013
Reserve Bank of India (RBI) is set to cut the CRR as well as repo rates and bank lending rates to increase liquidity in the system.
With this initiative, developers in Mumbai are hoping that with the coming Union Budget 2013, it will improve investment volumes and general growth across real estate sector in Mumbai.
Some of the wishes which the real estate industry in Mumbai has are increased provisions of external commercial borrowings for low-cost housing, tangible tax relief for individuals, and greater investments in infrastructure.
As buying a home is everyone’s dream, home buyers are keeping a track of the steps taken during the budget to decide their next course of action for investment on their dream home.
As per a well known developer in Mumbai, Union Budget 2013-14 will be the most important activities among others as it will widen the tax benefits on housing loans. The real estate sector in the country has been one of the major contributors to India’s GDP and is a growth driver for the Indian economy.
Furthermore, another property consultant comments that with the budget, investment climate and business environment is going to improve in real estate sector.
With the Union Budget in the pipeline, developers have sent their wishlist to the Finance Minister to be included in the upcoming budget.
The real estate developers’ body CREDAI has demanded for an inclusive housing policy and tax incentives. Presenting an inclusive housing policy, the developers’ body also demanded for housing sector to be accorded industry status.
The proposed tax incentives includes creation of special housing zones with tax exemptions for constructing 45 sq mt houses for low income groups and 30 sqmt houses for the economically weaker sections. Also, it includes allowing tax exemption for small houses of under 60 sq mt of carpet area.
As per reports, commercial real estate has gone down by 13% and residential real estate in Mumbai has gone up by 1.29%.
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budget 2013-14, Commercial real estate, CREDAI, CRR, Mumbai, RBI, Real estate in Mumbai, Repo Rate, Reserve Bank of India, Residential real estate, union budget, Union Budget 2013
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