Industry Expectations / Recommendation - Budget 2011 - 2012
Bhim Yadav, CEO, Falcon Realty Services Private Limited
It is important to relieve the main cities of the population burden and also to bring planned infrastructures for the people. As townships cater to all segments of real estate from affordable to luxury, it reflects the correct mix required for the society. There should be some steps from the government that should reflect promotion of townships. Affordable housing remains a segment where government should definitely continue to provide developers with tax free status which was available earlier. Rather than restricting it to unit sizes government should restrict the prices at which these units can be sold. Affordable housing developers need to be given incentives for creating such an infrastructure in the country. Hence, integrated affordable housing project development should be accorded infrastructure status for the purposes of RBI, SEBI, IRDA and CBDT.
I would also like to something on promotion of green buildings in India. Government does not have specific tax benefits or policies for accounting towards the higher costs incurred in Green Buildings. Government could benchmark apex bodies similar as Singapore Green Building Council and provide a structured approach through higher levels of depreciation and tax breaks for certified Green Buildings. These initiatives are important keeping in mind the deteriorating environmental conditions the world over.
|
Union Budget