Real estate urges for relief in upcoming budget

The real estate, which reeling under slump has sought relief from the finance and urban development ministry in the upcoming budget. Confederation of real estate developers association of India (CREDAI) has also write to the ministries to incorporate some reason to cheer for the sector. Apart from that some developers have personally also write request letters to the ministries. 

CREDAI office bearers said that CREDAI has sent a proposal to finance, urban development ministry to fulfill the long lasting demands real estate. "We want infrastructure status for real estate apart from that there should be exemption from the tax and less formalities to obtain home loans for the buyers," the official said. 

P Sahel Vice chairman Lotus Greens India Inc. is eagerly awaiting the forthcoming Union Budget 2015-16. The positive moves taken by the government last year like the principal approval to REITS by SEBI would give cash strapped investors, High Net Worth individuals and other investors easy access to funds and create new avenues for real estate developers. Going forward as part of the developer's community, we expect attractive tax norms for REITs and other such investment trusts. 

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