Budget'22 and hopes for Real Estate Industry
Every year, all the industries breathlessly wait for the budget of the financial year in order to determine the future course of their financial assets and obligations. Needless to say, Coronavirus has made a worldwide impact on how the financial algorithm used to be assessed. All the industries, in various proportions, have been affected by the impact of Corona and indubitably, the industry of the Real Estate is not an exception. Just like every year, people are making estimates about how real estate buyers, sellers and investors have to change their strategies in the wake of Budget 2022. Most Real Estate buyers are extremely positive about increasing the tax rebates. In the similar way, as Corona is gradually subsiding, people are looking forward to some constructive announcements in the domain of real estate.
The most important change that investors, buyers and sellers are expecting is the government's steady steps towards single window clearance in the Budget 2022. This shall be an extremely productive step and would certainly ease the process of legitimate and hassle-free finances from Banks and Financial Institutions. Additionally, people can also look forward to faster approvals, more rapid clearances and hence greater profits in the times to come. Secondly, people are also quite hopeful that the tax levied to the home buyers shall be extended by elevating the tax deduction limits from 2 to 5 lakhs per annum (exclusively for the home loans). It would certainly not be an exaggeration to state that if it happens, healthy PPP (Public-Private Partnership) can certainly be expected to improve the economic condition of the country.
As a conclusion, it would not be wrong to assume that the manufacturing sector does play an extremely important role in the economic fabric of any country. Union budget 2022 shall hopefully work in the favour of this assumption and would address the concerns that can impedes India's mission of becoming a USD 5 trillion economy by 2025.
