Pre-Budget Expectation from Omkar Realtors, Shree Krishna Group and Transcon Developers..! - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
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Thursday, January 11, 2018

Pre-Budget Expectation from Omkar Realtors, Shree Krishna Group and Transcon Developers..!

Pre-Budget Expectation from Omkar Realtors, Shree Krishna Group and Transcon Developers..!


 Omkar Realtors

Mr. Manoj Paliwal, Chief Financial Officer, Omkar Realtors

Housing loss set-off should not be restricted to Rs.2.00 lacs under section 24. There is no such arbitrary limit in any other sector which goes against such a labour incentive asset creation.

Increase the Incentives for first time home buyers under section 80EE by way increasing the tax exemption limit from present Rs 50,000 to Rs 2.00 lakhs. This will encourage many young people to go for their own house.



Currently, GST is levied assuming the land cost to be 1/3rd of the selling price. This assumption is not correct for a city like Mumbai, where land prices are very high while charging the GST appropriate reduction should be provided for the value of the land. This will rationalize the GST impact on the customers where prices are high.

Benefits section 80C for Home Loan Repayments should be increased from Rs1.50 Lacs to Rs.5.00 Lacs

                                                                               Shree Krishna Group

Mr Sundeep Jagasia, Managing Director, Shree Krishna Group 

The Real Estate industry has witnessed several positive movements in 2017. In the upcoming budget, we expect the focus on Affordable Housing, Smart Cities and Housing for All. These should give an impetus to the Real Estate sector. In addition, any increase of slabs or increase in interest deduction or relief on direct taxes would increase affordability.


We expect that government will focus on the issue of land costs being high. Lowering down the costs for land acquisition will boost many private players. If the government does so, there will be many new launches and quick delivery of projects by the private players.

Transcon Developers

Ms. Sarojini Ahuja, Vice Presdient, Sales & Marketing, Transcon Triumph.

Budget 2017 had introduced certain measures to boost the real estate sector and achieve the target by 2022.Implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) with effect from May 1, 2017, was another major step toward this end. 

The real estate sector is still reeling under the burden of RERA and a general slowdown in economic activity. We believe the government will announce incentives, especially in the affordable housing category in order to ease the burden on real estate. To further promote affordable housing, the following tax reforms could be considered in the forthcoming Budget 2018.

i.                    Housing loss set-off limit of Rs.2 lakhs should be increased

The tax deduction limit for housing loans, especially for buyers in metropolitan cities, needs to be increased as the current limit of Rs 2 lakh is insignificant given the ticket sizes in cities, especially in bigger metros like Mumbai, where an overwhelming majority of the available housing is priced at, or above, Rs 1 crore. 
Since a housing loan could run for 20 -25 years, it is unlikely that there will be sufficient rental income in next 8 years to absorb the interest of that particular year as well as the loss brought forward. In that case, the loss will lapse after 8 years.

ii.                   Bigger tax incentive for first-time home buyers
The first time home buyer benefit of Rs 50,000 tax exemption benefited end-users in tier-II, III   cities but not as many in the bigger metros where housing is largely above this specific limit.
iii.               Reduction in GST rates
While the GST (goods and services tax) structure was announced last year, the real estate industry was badly hit with the increase in the effective net tax payout against real estate purchase. The industry is waiting with bated breath to see a reduction in the tax rate is applied to the real estate and construction industry.


For media contact

Khushboo U Sangoi
MinePro Communications Pvt. Ltd
Direct: +91 26262067 
Address: 404, The Summit, Near Hanuman Road, Western Express Highway, Vile Parle East, Mumbai, Maharashtra 400057 
Pre-Budget Expectation from Omkar Realtors, Shree Krishna Group and Transcon Developers..! Reviewed by S. Chitra on January 11, 2018 Rating: 5 Pre-Budget Expectation from Omkar Realtors, Shree Krishna Group and Transcon Developers..!  Omkar Realtors Mr. Manoj Paliwal, Ch...

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