Budget 2020 Expectations: Removal of deemed income tax is must for realty sector growth, says Prestige group, CMD Irfan Razak

In realty sector, the quarterly performance of the Prestige estate company in December was brilliant. Prestige group, CMD Irfan Razak speaks on expectations from Budget 2020 and also revealed the challenges afced by his company as well as its performance.

While speaking on expectations from the Budget 2020, Razak said, "When customers buy one house, they get the benefit of long term gains, but the benefit should be given if customers are purchasing more than one house. It will motivate customers to purchase more houses and in this way, the stress on real estate sector will decrease. Government imposes deemed income tax on empty houses available to builders or if someone has purchased it but not staying there. There should be removal of this tax because sometimes customers purchase houses on investment purpose or sometimes they don't get anyone for rent. There are times when builder is not able to sell the property on time due to many reasons So, the removal of deemed income tax is important. There should be exemption on interest while purchasing a property.

बजट में डिम्ड इनकम टैक्स को हटाना चाहिए और अफोर्डेबल हाउसिंग के नियम आसान होने चाहिए। हमारा पूरा फोकस ग्राहकों को क्वालिटी प्रोडक्ट देने पर: इरफान रज्जाक, CMD, प्रेस्टीज ग्रुप#BUDGET2020ZEE#CorporateRadar #ResultsOnZB @prestigegroup pic.twitter.com/J1ovPPKWvr

— Zee Business (@ZeeBusiness) January 28, 2020

While telling about the performance of its company, Irfan said that the credit goes to the team and their hard work. Irfan said his team has been successful in making deliveries to customers. With their continuous hard work, they have built the brand, he added.

Razak also commented on company's margin hit. He said that our main focus is to make customers happy by providing them quality products and for that sacrifices are required.  

Speaking on the challenges amid slowdown impact in market, Razak said that we have always focused on delivery and to complete the project on deadline.

Razak said that Lokhandwala DB reality is based on slum-redevelopment scheme and he wanted to turn it into a big project. Razak added that right now, he can't comment much on the initiative. Will comment after the transaction.

Razak said that recently they have completed Bengaluru's 'Song Of the South Project' Along with Project Q garden project. In Q3, completed 2 new office projects. He said there's an expectation of lease income from the office projects.

You can catch all the updates on Feb 1 with #Budget2020Zee.