Good News for Real Estate Sector in Budget 2014
The real estate sector has been the backbone of the Indian economy and has been a major contributor in the economic growth. The sector contributes about 6.3 percent to the nation’s GDP (2012-13) is a major source of revenue for Central, state and local governments and provides employment to more than 50 million people .Infrastructure sector seeks some relaxation in terms of rebate on home loans. The infrastructure sector which is now selling three to four lakh houses per annum wants to reach a target of 10 lakh houses per annum.Amidst demands of granting industry status to the housing sector, this year the real estate sector will be among the most watched. Industry bodies are also demanding tax exemption on Special Hosing Zones in line with Special Economic Zones. Allowing external commercial borrowing as per the FDI norms is also among the wishlist.