Darjeeling MP Raju Bista highlights government’s real estate reforms at Siliguri seminar

Member of Parliament from Darjeeling and BJP National Spokesperson, Raju Bista, addressed the members of the Siliguri Taxation Bar Association at the Mega Seminar on Real Estate on Saturday, March 1. He spoke about the significant policy and budgetary support provided by the Central Government under Prime Minister Narendra Modi for the development of India’s real estate sector.

Bista said that the real estate sector plays a crucial role in India's economy, providing employment to millions and contributing significantly to the GDP. He pointed out that the sector's value has surged from $20 billion in 2017 to $493 billion today and is expected to reach $1 trillion by 2030. He credited reforms like the Real Estate Regulation and Development Act (RERA), Goods and Services Tax (GST), and schemes like the Pradhan Mantri Awas Yojana (PMAY) for this rapid growth.

Speaking about the local real estate market, Bista said that Siliguri has become one of the fastest-growing real estate hubs in India, with demand surpassing supply. Its strategic location, connecting three countries and several Indian states, makes it a crucial center for the sector in Eastern India.

Bista elaborated on key reforms introduced in the Union Budget 2025-26 to boost the real estate sector. These include:

- Income tax exemption up to ₹12 lakh to encourage homeownership and investment.

- Increase in the TDS limit on rent from ₹2.4 lakh to ₹6 lakh, reducing the tax burden on landlords.

- Tax relief for property investors, allowing deductions for two self-occupied properties.

- Extension of the SWAMIH Fund, which has already delivered 50,000 homes, with a target to complete 40,000 more by year-end.

- A ₹1.5 lakh crore interest-free loan scheme for state infrastructure development.

- Launch of PMAY 2.0 with a ₹3.6 lakh crore allocation to construct 3 crore new houses.

- ₹1 lakh crore allocated for the Urban Challenge Fund to improve city infrastructure.

Despite these measures, Bista acknowledged affordability concerns in the housing sector, particularly for young buyers who depend on home loans. He emphasized that rising real estate prices remain a challenge for many aspiring homeowners.

He also discussed the role of income tax and GST provisions in shaping the real estate industry. He advised developers, investors, and buyers to stay informed about tax exemptions, deductions, and the impact of GST on construction and sales.

Bista said that such seminars provide a valuable platform for real estate professionals to understand tax and regulatory policies better. He encouraged stakeholders to take advantage of the government's initiatives and contribute to the growth of the sector.

The seminar was attended by taxation experts, real estate professionals, and legal advisors, who engaged in discussions on various aspects of real estate development and taxation policies.