The Union Budget for 2023–24 will be presented by our finance minister Nirmala Sitharaman at the Lok Sabha on February 1. This budget is foreseen to have a strong emphasis on long-term development while attempting to fortify the financial system.
For the smooth functioning of the real estate sector, the Central Government should form a body with the State Government to develop state highways and major district roads under a joint venture so that all the cities see horizontal development and not only vertical development, said Ashok Chhajer, CMD of Arihant Superstructures Ltd.
The affordable housing slab of houses below 45 lakh today should be redefined to houses below 60 lakh in the coming years. This will benefit the buyers and the sector will be in category of Infrastructure Industry, Chhajer added.
He further said, "The word Redevelopment should be termed as Reconstruction of the Project so that the old residents or rehab people do not have to pay GST, (as there is no sale of flat, they get free of cost) the builder pays the 18 percent GST on materials consumed for their housing, thus no loss to the government."
He urged the Government to extend and continue Tax Holiday Section 80IB of Income Tax Act for affordable housing Projects, which was discontinued till March 31st, 2022. As it is now increasing the overall prices for affordable houses, the reintroduction of Section 80IB in Budget 2023 will enable the sector’s speedy growth so that by 2030 ‘Housing for All’ becomes a reality, he added.
