Kolkata, Jan 31 : Ahead of the Union Budget, which will be presented in the Parliament on Tuesday, real estate developers in West bengal are looking forward to a positive and vibrant Budget from Finance Minister Nirmala Sitaraman. As real estate and construction sectors make a significant contribution to India's GDP, the industry is looking forward to further tax breaks and subsidies so that it can roll out affordable housing schemes for the middle-class people. "Just like last year's Budget, this time also we are expecting the government to adpot an accommodative and understanding approach, especially towards the business sector. Multiple waves of Covid-19 pandemic have largely affected the hospitality and retail sector. Yet bankers are doing well and posting their highest profits in Q3 and Q4 of the current financial year," said Rishi Jain, Managing Director, Jain Group. "Apart from the tax and subsidy model, this year's Budget should be more focused on the priority sector and small businessmen and entrepreneurs, who are truly fighting for their survival," he said. "The benefits of CLSS scheme should be extended to all segments up to MIG II level as it has been extremely helpful for people at large as more and more are feeling the need for buying their own home. Moreover, further tax breaks for the organisations building affordable housing will be of great support in these difficult times," said Arya Sumant, Managing Director, Eden Realty. "Amid the various bouts of Covid and the subsequent lockdowns, the real estate industry is slowly looking up and has performed quite well in 2021. The real estate sector is the second-highest employment generator in India. The industry is expected to reach a market size of $1 trillion by 2030, while contributing around 13 per cent to the GDP by 2025," said Abhishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Ltd. "It is really heartening that during the pandemic, the government made necessary and timely policy interventions to support the sector. At present, interest rates are already at their lowest. Additionally, an extension of the PMAY scheme for homebuyers will go a long way in boosting the market sentiment and will give an additional incentive for new home buyers," he said. "We would also expect the government to relook at the definition of affordable housing both from the value of the house as well as its size to provide a much-needed boost to the sector. Softening of the prices of input costs will also aid further improvement in the real estate sector," he added. "The real estate sector has high hopes from the upcoming Budget. It is true that the government made few announcements throughout 2020 and 2021 that helped the sector in streamlining movements. In the upcoming Budget, we expect the actions to be taken forward and implemented at the earliest," said Sanjay Jain, Managing Director, Siddha Group. "We want the government to focus on single window clearance and affordable and mid income projects which are stuck at the advanced stages of development, requiring clearance. We also want cost-effective materials for developing affordable projects," he added. /IANS