Kishor Pate, CMD, Amit Enterprises Housing Ltd shares expectations from Union Budget 2016:
Given that overall consumption sentiment is key, the new government will primarily need to present a budget that increases Indians’ financial confidence. To achieve this, it will have to introduce a more benevolent taxation regime. Specific to boosting the real estate sector, the government must formulate and present a policy which provides clear and attractive tax benefits to developers who are focused on affordable housing. (Also Read-(Union Budget 2016: Here’s what Arun Jailey should do to boost power sector)
The Budget should also make the rate of interest specific to home loans more reasonable, as the interest rates currently being offered by banks are still too high. Paying so much interest has serious implications on the family budgets of most middle-class wage earners.
It is not surprising that many of them currently shy away from home loans. The budget should bring the interest rate on home loans down to between 7.5%-8.0%.
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