By Our Correspondent
NEW DELHI/BHUBANESWAR: Pre-budget expectation quote on behalf of Mr. Aditya Kushwaha, CEO & Director, Axis Ecorp. “The real estate sector has registered good growth in the last few years. The government also has been announcing favorable policies to augment this growth. However, the focus has been more on the affordable housing category. We expect the budget for 2023 to introduce deep policy reforms that will help accelerate the growth in real estate.
The growing rate of interest and the mounting cost of raw materials have the potential to thwart the current growth momentum. We expect homeowner-friendly measures will be announced in Budget 2023.
The luxury segment has been outperforming, and there is an increased interest from NRI buyers to invest in Indian real estate. We hope the government will reconsider the applicable tax deducted at source (TDS) on property transactions for NRIs. This move will boost investment in the sector and help the country build its forex reserves.
We are also looking for a reduction in GST slabs for construction materials. This will help in combating inflation and the rising cost of raw material costs. A slight reduction in GST on construction supplies like cement and steel could indirectly assist the real estate industry by reducing developer input costs and, as a result, the overall building cost. Overall, we are looking for a home-buyer-friendly budget that will enable the real estate sector to touch new heights in 2023.”
Pre-budget expectation quote on behalf of Mr. Sanjay Kalirona, CEO & Co-Founder, Gizmore
“India is undergoing a digital boom in the post-pandemic period with the backing of initiatives like Digital India, Start-up India and Make in India. This growth phase has been much more impactful than the dot-com boom we witnessed a few decades ago. Consumers can access a wide range of products and services like grocery shopping, online education, health products and services in the digital ecosystem powered by access to telecom and IT devices. We need focused interventions from the Government in the upcoming budget to support this growth.
The Government should consider simplifying the GST structure for the retail sector. The Government is focusing on building an Atmanirbhar Bharat. However, we need to lower the duty until we have a seamless ecosystem. There is a need to recognize that the industry is still dependent on China for SKD kits, chipsets, and battery requirements and take actions that support domestic growth. We have made substantial progress in the ease of doing business in the last few years. There is a need to have a single window clearance for all licenses and certifications to enable a conducive ecosystem for manufacturing in the country.”
