This sector has seen positive trends after a prolonged bear phase and expects a good handholding in the upcoming Union Budget 2023 Says Mr Piyush Bothra, Square Yards
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Below is quote on Budget Expectation by Mr Piyush Bothra, Co-founder and CFO, Square Yards
Real estate is one of the most important sectors for growth and job creation. This sector has seen positive trends after a prolonged bear phase and expects a good handholding in the upcoming Union Budget 2023 from the government at this critical juncture. Given the rising interest rates and overall inflation, property buyers want the standard Rs 2 lakh tax deduction on interest paid on home loans to be increased to Rs 5 lakhs as it will bring more salaried people in the bracket and help realize the dream of first-time home buyers. Further, there should be a ticket-wise criterion for the affordable housing in metro and non-metro cities that tallies with local market realities. The Rs 45 lakh limit should be increased to Rs 80 lakh in metro cities and 60-65 lakh in non-metro cities so that more homes are within the affordable price range and people can take benefits of lower GST rates, government subsidies and tax deduction benefits on home loans.
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