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Budget 2021-22 wishlist: Here are the key challenges in real estate sector

Given the market / pandemic situation, there is an overall fall in the fair market values of properties

construction, real estate
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Business Standard New Delhi
Key challenges
 
  • Given the market / pandemic situation, there is an overall fall in the fair market values of properties. The reckoner values (circle rates) have pretty much remained at the pre-Covid levels.  Such a situation leads to tax being calculated on deemed income basis.  

  • Pre-sales have reduced significantly due to lack of customer confidence on delays in project completion.  This has created liquidity issues with residential developers.   
Industry ask


  • Real estate transactions (immovable property or shares of property companies) between non-related parties to be exempt from deemed income provisions [such as 56(2)(x) and 43CA]. 

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