Union Budget 2021-22 Expectations for Real Estate: The real estate sector now has high expectations from the coming budget. In order to streamline the industry and provide liquidity options for stalled projects, the government had also made several options and announcements during 2020. Given the steps of the previous year, the government should make such announcements that can be implemented in a short period.
Authorities to be brought under RERA
Ache Raina, COO of Raheja Developers said that the first need is to see that the approvals are made available through single window clearance. This demand has been there for some time. Authorities responsible for approving can also be brought under RERA, which will ensure that it does not take long to get approval. If single-window clearance is not done, then this step may be an option.
He further said that we all know that the government is promoting Housing for All and in order to make it a reality, it is important that cost pressures on real estate can be eased by controlling the cost of construction. According to him, under Affordable Housing in the budget, there should be an announcement related to affordable material for houses.
The real estate sector needs support from the government and every Indian needs their home. Price and delay are the main challenges. The government should take steps like income tax incentives, developers, land at affordable prices and supply of land in big cities for affordable housing. The list of demands is huge because the goal in the budget is to provide affordable houses to all people in the budget.