Quotes on Budget Expectation 2018-19 from Real Estate Builders

On Febrauary 1, Finance Minister Arun Jaitley is expected to present his last full year budget, for the 2018/19 year that begins April 1. It is expected that the budget will focus more on the infrastructure and housing sector to boost that country’s GDP. In the last year budget, affordable sector was given infrastructure status, with that we expect more for the segment to full the NDA government dream of Housing for all by 2022. The consumers expected consolidation of demand and over improvement in the market segment, in 2017 we expected that RERA will bring transparency, with GST to ease the sector, but unfortunately both these expectations were not met. In coming budget we expect the applicable GST on the real estate to come down and should also include reforms which will be in a favour of the developers and the buyers. - Mr. Ssumit Berry, Managing Director, BDI Group

Real estate sector experienced many jolts in the year 2017. The real estate regulatory act (RERA) came into force in May 2017 seeks to protect the home-buyers, as for 2018-19 budget the entire sector expects transparency, accountablity and to increase investor confidence in real estate market in long run. In the same year Goods and Service Tax (GST) was also implemented, which replaced multiple taxes. The fraternity expects positive results in 2018 with favorable terms and conditions which would work in the favour of both buyers and developers. To further promote the sector incentives should be given to the first time home-buyers which will definitely promote the real estate segment in the long run bringing smiles on the faces of the people associated with it. Focus should be given for the supply of ready-to-move-in properties as the developers are seen focusing on completing their existing projects. – Mr. Ravish Kapoor, Director, Elan Group