Perspective on Budget by Sandeep Ahuja, CEO, Atmosphere living

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The real estate sector plays a significant role in the nation’s economic growth. The real estate luxury sector is growing through leaps and bounds, however a certain change, and policies can help to ensure sustainable growth, streamline regulatory process and give it a robust boast. Government can ease foreign direct investment in the luxury real estate sector which ultimately would led an increase in interest from international investors to create a space for a funding ecosystem that fuels growth and innovation. The GST rates on building supplies and services should also be rationalized, as this will lower development costs overall and promote greater investment in new projects. Extending incentives for affordable housing is another important goal. Even if the Pradhan Mantri Awas Yojana (PMAY) has given momentum, more improvements and a later deadline could guarantee sustained progress. For, all metro cities government can look into possibility of relaxation in floor space index (FSI) norms. This anticipation stems from the industry’s call for regulatory measures that could pave the way for more expansive luxury apartment offerings in Mumbai.

Therefore, the sector hopes that the upcoming budget show transformative measures that will invigorate the Indian real estate sector.