“The union budget 2022 has been a forward looking progressive budget . It focuses on digitalization of education and our financial transaction. The announcement to prepare India for next 25 years hopefully will provide measures for speedy growth for the country. It has been encouraging to note that Govt will work with financial sector regulators to expand access capital to finance affordable housing for the middle class and economically weaker sector in urban areas. While it focuses on climate and green infrastructure it has not provided any tax rebate to the salaried class for buying their homes which would have boosted the sector after the pandemic. Real estate industry contributes more than 8% to the total GDP of the country. It has been our long standing demand for according the sector an industry status – a sector that has been the second highest employment generator. An industry status to the real estate sector would have helped us to avail legitimate and easy finances from financial institutions and banks. The GST input credit given to us earlier has still not been restored. This inhibits delivering affordable homes, ”said Saket Mohta, MD, Merlin Group.
