Indian real estate players anticipate the Finance Minister's budget to lower construction finance costs, boost the sector, enable affordable housing, and expedite project clearances.
NAREDCO urges the government to grant infrastructure status to the entire housing sector to gain tax benefits and stimulate housing demand.
The report outlines Chennai's real estate market dynamics, emphasizing service tax changes, ECB, and a projected influx of 67,500 residential units within three years.
Budget 2012-13 proposes external commercial borrowing for affordable housing, a Credit Guarantee Trust Fund, and increased Rural Housing Fund provisions. Real estate players express disappointment, citing increased costs from the cement industry tax and service tax hike.
Real estate experts anticipate rising costs for home purchases and construction due to increased material prices and a 2% service tax hike, impacting buyers and developers alike.
Realty leaders express disappointment over budget allocations for housing, calling for stronger support for affordable housing initiatives.
Real estate developers anticipate Union Budget 2012 to bring pragmatic provisions, including increased infrastructure funds for housing and removal of service tax on residential construction.
India's real estate prices expected to rise further as Finance Ministry retains 2.5% service tax on under-construction projects, impacting homebuyers.
CREDAI warns that property prices may rise by 2.5% due to the new service tax implemented from July 1, 2010, which will ultimately burden buyers.
Apartment buyers face additional burden with service tax on under-construction residential projects, developers demand buyers to pay.
The urban development ministry calls for a review of the proposed service tax on housing projects, amidst concerns over its impact on the struggling real estate sector.
Residential markets in major Indian cities like Mumbai and NCR saw significant value appreciation in late 2009, driven by an economic slowdown that favored affordable housing.
The real estate sector expresses concern over the newly imposed service tax on housing, urging the finance minister for reconsideration and better urban housing policies.
India's real estate sector is facing complexities and ambiguities related to indirect tax, including VAT and service tax on works contracts. The Supreme Court's ruling in the K Raheja Development Corporation case has further complicated taxation, potentially increasing the cost burden on new flat purchasers.
The EAAP Directory 2008 was launched by Pune's mayor and police commissioner, serving as a vital resource for real estate professionals and buyers in the city.
The Indian real estate sector is optimistic about the recent budget but calls for further action to meet industry demands, with key benefits noted for housing and infrastructure.
Real estate firms call for tax cuts and controlled material prices in the upcoming budget to stimulate the struggling sector and benefit buyers.