While the last couple of years have been challenging for all industries globally, the real estate and construction sectors have been hit harder than most other sectors. However, not all is bad news. The recent few months have witnessed a strong resurgence, especially in the residential real estate market. This comeback requires more impetus for the industry to reach pre-pandemic levels. For this to happen, the sector has been seeking a helping hand from the government via the Union Budget 2022 or through interim amendments in the form of tax sops, reduced loan rates, redefinition of LTCG, and other such reforms.
Some of these transformations are already in motion. For example, home loan rates across almost all banks have been cut to encourage new buyers. There have been similar reductions in registration and stamp duties. But, if the pace of the recovery is accelerated, more is needed.