Boosting India's Real Estate Market: Expectations from Union Budget 2024
The upcoming Union Budget is expected to bring in policies that will spur growth in the Indian real estate market, particularly in cities like Thane, by improving infrastructure and making housing more accessible and affordable.
Real Estate MarketUnion Budget 2024Housing For AllInfrastructure DevelopmentGst Set OffReal Estate NewsJul 01, 2024
One of the critical issues that Mehta highlighted is the need for a GST set-off on redevelopment projects. Currently, the notional value of free flats given in redevelopment projects is subject to taxation, which adds to the financial burden of developers. Mehta believes that the finance minister should address this issue in the budget, providing significant relief to developers and making redevelopment projects more viable.
The real estate sector in India, particularly in Thane, is looking for measures that will boost confidence among both homebuyers and developers. The introduction of favourable policies and incentives in the budget could lead to increased investment in the housing sector, thereby supporting the overall growth of the real estate market.
Infrastructure development is another critical aspect that Mehta emphasized. Developing infrastructure such as roads, public transport, metros, waterways, tunnels, and railways plays a crucial role in expanding metropolitan areas and supporting affordable housing. Thane has greatly benefited from infrastructure growth, and Mehta hopes that the Union Budget will allocate more funds for infrastructure projects in the city. This would not only enhance connectivity but also make housing more accessible and affordable.
The real estate sector in India is hopeful that the budget will address critical issues and introduce measures to stimulate growth, enhance infrastructure, and support the 'Housing for All' initiative. This could pave the way for a more robust and resilient real estate market in Thane and across India.
Information
CREDAI MCHI Thane is a leading real estate association that represents the interests of developers and homebuyers in Thane. The association has been actively working towards promoting affordable housing and infrastructure development in the region.
The Confederation of Real Estate Developers' Associations of India (CREDAI) is a national-level apex body that represents the interests of real estate developers across India. The organization has been actively working towards promoting sustainable and affordable housing in India.
Frequently Asked Questions
What is the main expectation from the Union Budget 2024 for the real estate sector?
The real estate sector is expecting policies that will stimulate growth, enhance infrastructure, and support the government's 'Housing for All' initiative.
What is the issue with GST on redevelopment projects?
Currently, the notional value of free flats given in redevelopment projects is subject to taxation, which adds to the financial burden of developers.
How can infrastructure development boost the real estate market?
Infrastructure development can enhance connectivity, making housing more accessible and affordable, and stimulating demand for housing.
What is the role of CREDAI MCHI Thane in promoting affordable housing?
CREDAI MCHI Thane is a leading real estate association that represents the interests of developers and homebuyers in Thane, and has been actively working towards promoting affordable housing and infrastructure development in the region.
What is the significance of the Union Budget 2024 for the Indian real estate market?
The Union Budget 2024 is seen as a pivotal moment for the Indian real estate market, as it is expected to introduce policies that will stimulate growth, enhance infrastructure, and support the 'Housing for All' initiative.
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