GST waiver for under-construction homes, a hike in the Rs 2 lakh tax rebate, and incentives for private sector investments in affordable housing segment, among others, are some of the measures Finance Minister should consider in the Union Budget 2021-22.

While the country waits for the first vaccines to roll out, Union Budget 2021-22 presents several opportunities to give the sector a shot in the arm, too. Given that real estate contributes more than 8 percent to the Indian economy, it has justifiable expectations.

Here are some of the demands:

– Hike the Rs 2 lakh tax rebate on housing loan interest rates under Section 24 of the Income Tax Act to at least Rs 5 lakh to generate healthier housing demand, most notably in affordable- and mid-housing segments.

– Personal tax relief, either by tax rate reductions or amended tax slabs; the last increase in the deduction limit under Section 80C (to Rs 1.5 lakh a year) was in 2014 and an upward revision is long overdue.

Source: moneycontrol.com/news/business/real-estate