The finance minister of India, Nirmala Sitharaman is going to present the Union Budget 2021 in the Parliament on 1st February. The nation is waiting to see the budget allocation by the government of India post-COVID-19. While talking to the media, the finance minister hinted at a big-budget to be presented to the people.
Indian business community including industry leaders from the coworking community shared their expectations from the Union Budget 21. The coworking sector in India is looking to get real estate recognition and tax soaps from the budget.
The sector has been badly affected due to the outbreak of the deadly virus of the era – COVID-19. It is striving hard to revive from the impact of the lockdown which weighs high on the income and other aspects of the business. Post lockdown, the situation has been improved for the co-working companies in India as businesses are back on track and there is a huge demand for coworking spaces in India.
The coworking industry has a list of demands that they want the government to fulfill in the budget session of 2021. Their need for recognition within the real estate sector is at the top of requirements. Under special schemes such as the Real Estate Investment Trust (REIT), the government should recognize the co-working sector and provide tax benefits to manage the industry for better growth.
Co-working spaces account for 6.9 million square feet in India, accounting for a large part of India’s commercial real estate. Attention from the finance minister in the Union Budget will be decisive for the coworking industry.