Budget 2024: Mixed Response from Real Estate Industry
The increase in affordable housing deduction for interest paid on loans is a positive change that will provide relief to homebuyers and boost the real estate market.
Real EstateBudget 2024Housing MarketIndiaInfrastructureReal Estate NewsJul 23, 2024
Aravind Maiya, CEO of Embassy REIT, believes that the digitization of land records will facilitate property transactions, reduce disputes, and encourage investment, benefiting both the real estate sector and the broader economy. Murali Malayappan, Chairman & MD of Shriram Properties, has welcomed the increase in affordable housing deduction for interest paid on loans, which will provide relief to homebuyers and boost the real estate market.
Domnic Romell, President of CREDAI-MCHI, has appreciated the sustained infrastructure impetus, which is expected to create a multiplier impact and significant boost in the overall housing sector. Venkatesh Gopalakrishnan, Director Group Promoter's Office, MD & CEO of Shapoorji Pallonji Real Estate, has commended the comprehensive focus on efficient urban planning, including transit-oriented development and enhanced infrastructure for water supply, sewage, and waste management across 100 large cities.
Manas Mehrotra, Founder of 315Work Avenue, believes that the development of industrial parks in 100 cities under the Industrial Corridor initiative will create new real estate opportunities in these areas, potentially leading to the growth of commercial and residential properties. Anshul Jain, CEO of Cushman & Wakefield, has appreciated the plan to develop transit-oriented development (TOD) in 14 large cities, which will help create industrial and commercial hubs in these catchment areas.
However, Anurag Mathur, CEO of Savills India, has expressed disappointment over the lack of addressal of critical aspects such as granting of industry status, input tax credit, reduction of GST, and single window clearance. Anuj Puri, Chairman of ANAROCK Group, has commended the Union Budget 2024-25 for its comprehensive approach towards job creation and boosting consumption, which are positive developments for the real estate sector.
Manju Yagnik, Vice Chairperson of Nahar Group and Sr. Vice President of NAREDCO, West, has appreciated the finance budget for its focus on employment, skilling, and MSMEs, alongside a revised middle-class tax structure. Prashant Sharma, President of NAREDCO Maharashtra, has expressed that the budget falls short of addressing the industry's core challenges.
Amit Sinha, MD & CEO of Mahindra Lifespace Developers, has welcomed the announced amendments to the Code, which will address some of the teething issues highlighted in the MCA discussion paper of 2023. Archana Tewary, Partner of JSA Advocates and Solicitors, has shared her perspective on the removal of indexation benefits, which may hurt sellers, particularly individual sellers or middle-class sellers who had invested in real estate with the intention of eventually benefitting from market value rising.
Embassy REIT is a leading real estate investment trust in India. Shriram Properties is a leading real estate developer in India. CREDAI-MCHI is a leading real estate association in Maharashtra. Shapoorji Pallonji Real Estate is a leading real estate developer in India. 315Work Avenue is a leading coworking space provider in India. Cushman & Wakefield is a leading real estate consultancy firm in India. Savills India is a leading real estate consultancy firm in India. ANAROCK Group is a leading real estate consultancy firm in India. Nahar Group is a leading real estate developer in India. NAREDCO is a leading real estate association in India. Mahindra Lifespace Developers is a leading real estate developer in India. JSA Advocates and Solicitors is a leading law firm in India.
Frequently Asked Questions
What is the increase in affordable housing deduction for interest paid on loans?
The increase in affordable housing deduction for interest paid on loans is a positive change that will provide relief to homebuyers and boost the real estate market.
What is the impact of digitization of land records on the real estate sector?
The digitization of land records will facilitate property transactions, reduce disputes, and encourage investment, benefiting both the real estate sector and the broader economy.
What is the focus of the finance budget for 2024-25?
The finance budget for 2024-25 has a focus on employment, skilling, and MSMEs, alongside a revised middle-class tax structure.
What are the critical aspects that remain unaddressed in the budget?
The critical aspects that remain unaddressed in the budget include GST rationalization, industry status, input tax credit, reduction of GST, and single window clearance.
What is the impact of removal of indexation benefits on the real estate sector?
The removal of indexation benefits may hurt sellers, particularly individual sellers or middle-class sellers who had invested in real estate with the intention of eventually benefitting from market value rising.
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