Experts are saying that the Financial Budget 2010-11, announced by the Finance Minister is going to have great implications on the real estate sector. To discuss these implications, a meet was held by the Navi Mumbai Chamber of Housing Industry which was presided over by Advocate Anil Harish from D M Harish and Company. Find out the details with this report. The Financial Budget 2010-11 announced by the Finance Minister has not gone well with the city builders. Experts in this field say that the budget will have great implications on the real estate sector and will burden not just home buyers but also those who rent properties. To discuss these implications and understand the legality of the financial budget, the Navi Mumbai Chamber of Housing Industry organized a meet where many well-known builders were present. The key speaker for the event was Advocate Anil Harish from D M Harish and Company, an expert in the field of real estate. One of the main issues discussed during this meeting was the increase in service tax in housing. Anil Harish said that the implications in this sector were very serious keeping in mind the service tax increase on immovable property. While many are considering the budget as anti-poor, the advocate said that the budget was anti everyone. Further criticizing the budget he said that the budget was irrational and complex. While the budget has not been received well by builders, it must noted that it is the owner or the landlord of the property who is meant to bear the service tax, however, it will be eventually recovered from the person renting or buying the property. Hence, at the end of it all, the dream of the aam admi to buy a house seems further away as real estate prices are bound to increase even more now. With cameraperson Abhay Prasad, Sana Warsia for NMTV News.
June 29, 2015
June 23, 2015