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<p style="margin: 0px 0px 25px; padding: 0px; line-height: 24px;">The Union Budget for 2015-16 was perhaps the most eagerly awaited budget in a long time, particularly for buyers of real estate who have been maintaining their position of waiting and watching for a couple of years. However, nothing much was provisioned for the housing sector, which would aid either developers or buyers.

<p style="margin: 0px 0px 25px; padding: 0px; line-height: 24px;">Most panel discussions have revealed that market experts believe nothing specific in the budget for 2015-16 would aid the common man especially when buying real estate. Roughly 30 to 35 percent housing cost is for the different taxes payable which would be further raised by five percent with an increase in the rate of service tax. Almost forty percent buyers have not purchased houses as they were anticipating property prices to reduce. However, after the budget has been announced, it seems construction cost shall also go up. Investors would continue to put their money in financial markets as they offer better returns than real estate currently. However, it is important to know all related matters in this sector, such as real estate taxes in India.

<p style="margin: 0px 0px 25px; padding: 0px; line-height: 24px;">The budget also did not talk about the plan for 100 smart cities which real estate participants were looking quite forward to. No provisions were announced in the Union Budget 2015 for real estate sector that would subsidise the land cost for making affordable housing a reality. It would have been better if the government had waived the 35 percent tax that the realty sector needs to pay in today's date. It would have reduced the prices of property and developers would be able to offload their stock of unsold inventory faster.

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<p style="margin: 0px 0px 25px; padding: 0px; line-height: 24px;">Real estate experts have commented that they were expecting these measures to be adopted even for the new government ascended into parliament. Despite the real estate sector losing out on several provisions, many experts feel that the expectations that people set from the new government are too high. The budget passed this year is more operational rather than being sensational. It is a middle term plan of five to seven years and may perhaps lead to a good growth story.

<p style="margin: 0px 0px 25px; padding: 0px; line-height: 24px;">The budget has also made an announcement that housing for all shall be provided by 2022 where 4 crore rural and 2 crore urban houses have been announced. The investments made in the current year for infrastructure is Rs 20,000 which is quite encouraging. The first full- fledged budget of the union government is an impactful direction statement which provides a budget that looks ahead and is pro-business and growth. Much boost shall be provided to the infrastructure sector through tax incentives and clarity. It would have a gradual yet a cascading impact on demand for real estate and is in full support for positive sentiments. Also, one should understand as what role FDI plays in real estate sector.

<p style="margin: 0px 0px 25px; padding: 0px; line-height: 24px;">The rationalisation proposed for a tax regime of capital gains for pass through status and REIT sponsors for rental earnings from owned assets is quite welcome. The wealth tax abolition is also good news for real estate investors. An additional waiver of Rs 50,000 under Section 80CCD on more than the Rs 1.5 lakh deduction given on corporate tax and NPS contributions would be reduced to 25 percent in the coming four years, from the current value of 30 percent. This has also been viewed as a positive announcement for large scale real estate firms plus the government is coming up with many affordable housing projects in the near future.



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