Real estate incentives have to go beyond fiscal incentives: Observers
Union finance minister P Chidambaram has stated that the ministry may soon announce a set of measures to boost the country’s real estate sector.
As the realty sector is being hit by the high cost of finance and low availability of housing stock, incentives seem to be in the horizon.
The finance ministry is in the process of formulating reduction of lending rates by banks or relaxation of norms for classification of their real estate exposure.
However, observers and analysts feel that the government should go beyond offering fiscal concessions and address the other issues as well.
Greater availability of land, tax incentives for the economically weaker sections (EWS) and the low-income groups (LIG), low land cost through higher floor space index and short approval process for projects are being highlighted as some of the positive changes.
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