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.
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