Telangana real estate sector has high expectations from Budget
HYDERABAD: Hyderabad’s real estate sector has a lot of expectations from this budget. Stating that to improve the economy in the country, the real estate sector, which is a major pillar should be given the needed stimulus, the builders and the property developers are expecting a slew of reforms.
The budget is expected to be watched keenly by various sectors of the economy at a time when the economy is seeing a slowdown in growth. One expectation that is making rounds is a possible revision in the affordable housing limit, increased limit on interest on home loans and scrapping of long-term capital gains tax (LTCG) on the sale of properties. Speaking to Express, Jaideep Reddy, vice president of CREDAI, Hyderabad, said, “Affordable housing needs to be taken into serious consideration if the sector has to grow. The said limit of `45 lakh is on the lower side. Accordingly, the expectation is that the said limit would be revised upwards.”
He added, “We are also hoping for some relaxation in personal income tax slabs for the individuals. With this, surplus money can come back to the industry.” Another developer said that the probable scrapping in the upcoming budget of LTCG tax on the sale of properties will result in a higher amount of returns in the hands of investors. Given the rising interest and property rates, it is every home loan payer’s wish that there should be an increased limit on interest on home loan to at least `4 lakh per annum in the upcoming budget, said General Secretary, CREDAI, Rajasekhar Reddy.