Commenting on expectations from Budget 2022, Mr.Sudhir Pai-CEO of Magicbricks, said, “After facing several uncertainties in the year 2020, the real estate industry witnessed significant revival in demand in the year 2021, benefiting from low interest rates, reasonable property prices, and strong support from the Central Government. As a key stakeholder in the industry, we are looking at continued revival of demand in the year 2022 and are anticipating the budget to play an instrumental role. The upcoming Budget hence, is expected to be an enabler in sustaining industry’s recovery and inducing growth, through reduced GST (on construction materials and property purchases), easy availability of finance, and proposal for waivers, thereby supporting the industry that is the second largest employment creator after agriculture and a contributor of 6% to India’s gross domestic product (GDP). 

Magicbricks data also suggests that there has been a significant shift towards affordable housing in the past few quarters. Hence, we expect a review on the slab of affordable housing to Rs. 50 – 60 Lakhs, as this would expand the benefits for homebuyers. We also urge the Central Government to support the low home loan interest rate regime for the time being, as it is helping even the fence-sitters to buy property and has been driving recovery of the real estate industry.  A reduction in TDS deduction rates on co-working spaces would also give some relief to the section that has received a major set-back during the pandemic. Further, various state governments should also continue to support the real estate sector by keeping the Stamp Duty and Circle Rates low.”