The upcoming Union Budget 2022-23 is vital because of the power it holds pertaining to shaping the future of the economy. Such a Budget needs inclusive reforms and policies that will help shape the real estate sector.

Union Budget 2022-23 has the responsibility of addressing the concerns of the end-users and developers. To help the real estate sector overcome the impact of two difficult years, the Budget needs to relax some of the older policies and introduce reforms that will be beneficial in the long run. Arya Sumant, Managing Director, Eden Realty shares what the industry expects from  the upcoming Fiscal Budget 2022.

He highlights, "Union Budget 2022 is going to be extremely important because the current trends seem to suggest that we might finally be entering the post-pandemic era. It will be crucial to see how this Union Budget shapes up the economy for the next few years. If I look at real estate, then some of the major announcements we are looking at are the extension of the Credit Linked Subsidy Scheme (CLSS) scheme. It has been greatly beneficial for the industry and the consumers alike. The Middle Income Group (MIG) scheme expired last year, and the Low Income Group (LIG) scheme will expire this year. Bringing the MIG scheme into the fold of the CLSS is crucial, and the timeline must also be extended. If the earlier offered interest subsidy amount is also increased, it will significantly benefit the industry and the consumers."

He further elaborates, "The pandemic has taught us that we need a secure and hygienic environment to live in. To cater to this new housing demand created, we believe some perks should be directly given to the promoters. The Section 80IBA scheme, which was brought in earlier, should be modified to cater to larger flat sizes. The timelines should also be extended to cater to the demand that will further be created in the upcoming years."