Boosting India's Real Estate Sector: Expectations from Union Budget 2024-25
Industry experts emphasize the need for enhanced tax incentives, single window clearance, and infrastructure development to drive growth and stability in the real estate sector.
Real EstateUnion BudgetAffordable HousingTax IncentivesInfrastructure DevelopmentReal Estate MaharashtraJul 11, 2024
Prashant Sharma, President, NAREDCO Maharashtra, emphasizes the need for enhanced tax incentives for homebuyers, advocating for increased limits on deductions under Section 80C and Section 24(b) to boost housing demand. He also calls for a single window clearance system to streamline project approvals and incentives for affordable housing, including extending benefits under the PMAY and redefining affordable housing to include properties up to Rs. 1 crore in metro cities.
Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI, highlights the importance of increasing tax deductions on home loan interest to stimulate residential demand. He advocates for a single-window clearance system to expedite approvals and incentives for affordable housing, such as extended tax holidays and increased PMAY allocations.
Vedanshu Kedia, Director, Prescon Group, calls for a rethinking of the GST structure, advocating for input tax credit and rationalization of GST rates to make real estate more affordable. He urges revisions in capital gains taxation, reducing the holding period for long-term gains and increasing exemptions under Sections 54 and 54EC.
Industry experts also emphasize the need for enhanced infrastructure development, incentives for NRIs to invest in Indian real estate, and supporting millennial homebuyers with incentives. Overall, the sector anticipates policies that enhance transparency, reduce regulatory bottlenecks, and promote sustainable development.
Samyak Jain, Director, Siddha Group, emphasizes the need for tax benefits, easier access to credit, and improved liquidity to sustain the sector's growth. He advocates for targeted schemes for millennials and first-time homebuyers to boost demand.
Shraddha Kedia-Agarwal, Director, Transcon Developers, anticipates policies that stimulate the housing market, such as tax benefits for homebuyers and reduced GST rates. She calls for policies that make it easier for NRIs to invest in Indian real estate, alongside substantial budget allocations for infrastructure development.
Rohan Khatau, Director, CCI Projects, stresses the importance of enhancing the tax deduction limit on home loan interest and investing in social infrastructure to drive real estate demand. Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Private Limited (SDPL), highlights the need for continued support for affordable housing initiatives, especially in metro cities.
In conclusion, the real estate sector expects the Union Budget 2024-25 to introduce policies that address the industry's longstanding challenges, promote sustainable development, and drive growth and stability.
Frequently Asked Questions
What are the key expectations from the Union Budget 2024-25 for the real estate sector?
The sector expects policies that address longstanding challenges, promote sustainable development, and drive growth and stability, including enhanced tax incentives, single window clearance, and infrastructure development.
What are the benefits of increasing tax deductions on home loan interest?
Increasing tax deductions on home loan interest can stimulate residential demand and boost housing sales.
Why is infrastructure development crucial for the real estate sector?
Infrastructure development is essential for unlocking new development regions, providing more opportunities for developers and homebuyers, and supporting overall economic growth.
What are the benefits of promoting affordable housing initiatives?
Promoting affordable housing initiatives can address the housing shortage, provide affordable housing options for low-income groups, and drive economic growth.
Why is it essential to simplify FDI norms for the real estate sector?
Simplifying FDI norms can attract foreign investment, bring in much-needed capital, and provide opportunities for developers and homebuyers.
Related News Articles
Dubai's Real Estate Market: A Story of Resilience and Growth
The Dubai real estate market has shown remarkable resilience in June 2024, with capital values for ready homes continuing to rise, despite a slowdown in sales.
European Cities Crack Down on Airbnb: Will It Help with Housing Affordability?
Cities like Barcelona, Lisbon, and Amsterdam are implementing strict regulations on short-term rentals to relieve pressure on the housing market and slow gentrification.
Election Commission Sets Dates for Maharashtra and Jharkhand Assembly Polls
The Election Commission of India has officially announced the dates for the upcoming assembly polls in Maharashtra and Jharkhand. Voting will take place in multiple phases, with the results expected to be declared on November 23rd.
Luxury Home Sales Surge in India: A Closer Look at Q3 2024
India's luxury real estate market saw a significant 37.8% YoY increase in sales during the Jan-Sep 2024 period, with Delhi-NCR, Mumbai, and Hyderabad leading the way. The trend is driven by a growing preference for high-end amenities and spacious living a
Bhopal: CREDAI Protests 200% Hike in Property Rates, Demands 3-Year Lock
CREDAI Bhopal chapter has submitted a memorandum to the local MLA, protesting the proposed 200% increase in property rates, which they claim will adversely affect the real estate industry and the general public.
Pune: PCMC to Recover Demolition Costs from Property Owners in Chikhali Kudalwadi
The Pimpri-Chinchwad Municipal Corporation (PCMC) has announced plans to recover the costs incurred for demolishing illegal structures in Chikhali Kudalwadi from the property owners. This decision comes in the wake of several unauthorized constructions th