Realty Sector Expects Favorable Policy & Tax Relation in Housing Sector: Union Budget 2022

Realty Sector Expects Favorable Policy & Tax Relation in Housing Sector Union Budget 2022

Pankaj Bansal, the Director of M3M India a leading real estate giant in India, is confident of prompt recovery of real estate sector after the Covid slowdown, and expects that this sector will receive FDI In flow.

According to Pankaj Bansal, “The retail segment has been on the investors’ radar as it is providing great investment opportunities to a wider spectrum of small to large investors. As part of NCR, Gurugram seems to be leading the retail sector. M3M India itself is today the largest developer of retail space in North India by delivering over 4 million square feet of retail space in one of the most promising growth areas of Gurugram. Overall, the Company has delivered a staggering 20 million square feet of realty space. The DPIIT report on flow of FDI in construction sector, and interest of institutional investors in real estate is very encouraging. This I believe will make the business more competitive, delivering better value to buyers and investors,”

The real estate sector is promptly waiting for the impending Union Budget and is expecting some relaxation in current taxes to boost up the real estate sector.

Pankaj Bansal said “We are now eagerly awaiting Union Budget and expecting a dynamic favorable policy, for not just retail, but also for the housing sector. As the entire sector is focused to contribute at least 13% in India’s GDP by 2025 and reach market size of USD 1 trillion, I am sure the Government must be also looking to present few essential concessions and relaxations in the Union Budget 2022,”

He further added, “Market is constantly expanding. There is a tremendous growth opportunity for small and mid-level retail investors who are going to make the market more accessible to a wider audience. Even the co-living market in the top 30 cities, primarily metros, is set to grow almost double — to about USD 14 billion from the current size of USD 6.70 billion. Boost in real estate sector, which is second largest sector in terms of employment generation, only after agriculture, will further create jobs.”

According to a recent report published by Savills India, the demand for data centers is expected to increase by 15-18 million square feet by 2025.

Furthermore, in the Q3 of FY 2021, the demand for housing sector increase by 113% (62800 units) among all the top seven cities, as compared to 29,520 units in the Q3 of 2020. If we compare among the top 7 cities, 33% of the total sales was from Mumbai, and 16 % from NCR. As per the JLL Report, NOIDA stands at the top with 55% of the net absorption, followed by Gurgaon at 38% in the month of January 2021 to March 2021. There is a sharp increase in demand for office space in Delhi-NCR.

According to Pankaj Bansal “The ambitious 100 smart cities project by Government of India is not only going to be a great opportunity for the real estate sector, it will also pave way for many world-class developments in key emerging markets, by capable real estate developers who are exploring ‘smart’ and new age innovations to bring in new ways of living habitats,”

The central government has decided to construct 20 million affordable houses in urban areas crosswise the country by the end of FY 2023. This has given a momentum to the real estate sector. The project is to be implemented under the PM Narendra Modi’s Pradhan Mantri Awas Yojana (PMAY) scheme of the Ministry of Housing and Urban Affairs.

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