00:00For financial year 2024-25, the Finance Minister Nirmala Sitharaman will present the full budget
00:11on 23rd April, which now has less than a week's time left.
00:15The National Real Estate Development Council has submitted a list of demands related to
00:20real estate to the Finance Minister regarding the budget.
00:23In which, there is a demand to take such steps in the budget, which can increase the growth
00:28of the government and achieve the target of housing for all.
00:33So what are the demands that have been made?
00:35What will be the benefit for you?
00:37Can you get any discount in the tax?
00:39Let's try to understand in the video.
00:41So, the organization has increased the prices of property and while looking at the expensive
00:45home loan, while giving way to home buyers, on the interest of the housing loan, the tax
00:50discount limit under Section 24 of the Income Tax Act should be increased from the current
00:55amount of Rs. 4 lakh to Rs. 5 lakh.
00:58In fact, the launching of affordable housing is decreasing and along with that, the sale
01:03of affordable housing is continuously decreasing.
01:05The organization has also recommended the government to change the definition of affordable
01:09residential apartment.
01:10No compensation has been made for the carpet area and prices of affordable housing for a
01:14long time.
01:15In this, the organization has proposed to increase the price limit of affordable housing
01:19without changing the carpet area.
01:22This will help to increase the prices of land in metro cities and along with that, the
01:27benefits of affordable housing projects can be given to other housing projects as well.
01:33With this decision, those who come in the range of low income and middle income will
01:38get the opportunity to buy their house.
01:40The organization has told the government that the builders should pay GST at the concessional
01:46rate or pay GST at the high tax rate after taking advantage of the input tax credit.
01:54At present, 5% GST is imposed on affordable housing units without ITC and 5% GST on other
02:00residential units without ITC.
02:02Developers will save on the tax cost of this option and builders will be able to get more
02:08cash, which will benefit the customers directly.
02:13The organization stressed on these reforms of real estate and said that if these recommendations
02:18are implemented, it will not only give relief to developers, but will also help to increase
02:23demand in the housing sector.
02:25By taking action on tax and regulatory issues, builders and home buyers will benefit and
02:30the vision of the government's housing for all will be achieved.
02:34Real estate sector experts say that real estate is the second largest employer in the country.
02:41In such a case, to accelerate the growth of the sector, the real estate sector needs to
02:46be given the status of a business in this budget.
02:48He also said that by giving a single window approval system, the sector will be accelerated.
02:53At the same time, by considering the status of the industry and the long-term demand for
02:58a single-window approval system, it will help companies to obtain interest on less interest
03:02and benefit from tax incentives.
03:04So, it is possible that this time the tax limit should be increased from 2 lakh rupees
03:09to 5 lakh rupees.
03:11This will reduce the burden of expensive loans on customers to a large extent.
03:16That's all in the video.
03:17How did you like the information?
03:18Do tell by commenting.
03:19What are your expectations from this upcoming budget?
03:22You can tell by commenting.
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03:29of Good Returns.
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