Budget 2022 Wishlist: 'Reduce interest rates on home loans, industry status for realty sector'

 With Covid cases skyrocketing at the start of the year and uncertainty looming big over numerous sectors, the real estate sector is expressing its anxieties and doubts as well. Despite the fact that the market outlook is better than last year, sector analysts say the environment is not very supportive.

Farook Mahmood, the Founder President of the Indian chapter of the International Real Estate Federation (FIABCI), told Asianet Newsable that the industry has a long list of demands that have been submitted to the Union government.

"The real estate industry should be given industry status. We have requested a modification to the GST, a reduction in stamp tax, and a reduction in the interest rate on home loans. But none of these things, in my opinion, will occur. They may offer a rate reduction on house loans at most "He was adamant.

The real estate value in a few metro cities has dropped due to the worsening circumstances and the closure of several offices. Those planning to purchase a home took a step back as many people lost their jobs and others faced income cuts.

"I am confident that there will be little benefits for the sector or the general public. This (budget) will be more of a spruce-up. I don't believe the average person will profit from the budget "Mahmood stated.

He stated that the budget has a deficit and that the government has promised many things but has not been able to deliver on them.

According to Mahmood, "The real estate industry faced numerous obstacles. They (the administration) pledged that the interest rate would be lowered. There will be an improvement in the market if they lower the interest rate, but that did not happen."

"For home loans, we anticipate a tax-free portion. Everything is going up in building costs, from labour to steel and cement. We are hopeful that the administration will address this issue in the upcoming budget of 2022 "He made the observation.

Budget amid Covid and fear of Lockdown

Mahmood expressed his hope that the country would not go into another lockdown, citing the low rate of hospitalizations in the face of a surge in cases in 2022. He added that if the country went into another lockdown, not just the real estate sector, but the entire economy would be in serious trouble. He claims that the entire economy has already been wrecked.

"On the one hand, people are dying as a result of Covid, and on the other side, people are dying as a result of unpaid bills and loads. Not only will reality suffer, but all other (sectors) will as well. People will go to the office as well as choose to work from home, making Work From Home a hybrid option "Mahmood threw in his two cents.

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