Chennai: JLL’s CEO and Country Head (India), Ramesh Nair on Friday, suggested a few measures that will aid a recovery-led growth in the real-estate sector.Nair stated that the government made necessary and timely interventions through liquidity infusion, fiscal support and reform driven investments in the initial leg of relief measures.
Certain measures and concessions have definitely helped in enhancing consumer sentiment, thus boosting consumption, resulting in increased traction in the real estate sector. While we have seen a continuance of recovery in the fourth quarter which started in Q3 2020, the actual market transaction volumes continue to be lower compared to pre-Covid levels, he added.
Suggesting few measures in this regard, Nair said, ‘Accord ‘industry status’ to the real estate sector, extension of benefit u/s 80EEA to avail additional Rs 150,000 interest deduction on home loans to existing homebuyers who have already availed home loans and first time homebuyers to include mid segment as well.
‘Separate provision for deduction of principal repayment on home loans, restriction on setting off loss from house property against other heads of income at Rs two lakh to be removed, reduction in holding period of REITs for long-term capital gain, allow 100 per cent FDI in completed residential real estate projects through the automatic route and allow input tax credit on calculation of GST payable in real estate’, he stated.
