Excerpts from the Article:
Aditya Kushwaha, CEO & Director, Axis Ecorp
We welcome the first digital budget presented by the Finance Minister. The budget is largely focused on healthcare and infrastructure, which will have a ripple effect on the development in the other sectors including real estate. The finance minister has also given special importance to human capital. Steps taken in this direction in conjunction with growth in infrastructure will lead to an increase in the disposable income of people which could bring a good scope for investment in real estate.
In the Annual budget for 2021 too, we can see the Government’s focus on affordable housing. The deduction on payment of interest for affordable housing has been extended by a year. This move will improve customer buying behavior. At the same time, to boost the investment coming via the NRI route, the taxation has been simplified which will incentivize NRIs to invest in our country as they will get a tax rebate on the rental income. This move will also give a boost to holiday homes and commercial real estate in the country.
Furthermore, there have been relaxations offered in real estate transactions, capital gains, business profits, and rental income which in turn will uplift the real estate sector.