Budget 2024: Noida Real Estate Developers Pin Hopes on Tax Cuts and Industry Status
Real estate developers in Noida and Greater Noida expect the Budget 2024 to accord 'industry status' to their sector, address GST woes, and introduce tax incentives to boost the luxury market.
Real EstateBudget 2024NoidaGstIndustry StatusReal Estate NewsJul 21, 2024
The industry experts are expecting the government to accord 'industry status' to the real estate sector, which will provide easier access to funds. Additionally, they are seeking a reduction in GST rates on building materials, particularly cement, which currently stands at 28%.
CREDAI's western UP Secretary Dinesh Gupta noted that boosting the real estate sector with tax incentives, improved tax structures, and a single-window clearance policy will encourage further investment from both domestic and foreign sources. He added that tax reforms that lower income taxes for both corporations and individuals, simplify tax legislation, offer targeted incentives, expand the SWAMIH stress fund, and lower GST rates on building materials will boost the building industry and improve the situation for real estate players.
Bhutani Group CEO Ashish Bhutani emphasized the need to increase the contribution of the real estate sector to GDP, currently standing at a lower percentage compared to Europe or China. He suggested that the sector's contribution should be raised to 30% by 2047.
Avneesh Sood, Director of Eros Group, emphasized the need for a nuanced approach, focusing on enhancing transparency and efficiency through a robust regulatory framework and streamlined approvals process. He suggested introducing innovative financing mechanisms, such as green bonds tailored for sustainable urban development, to align economic growth with environmental stewardship.
Amit Modi, Director of County Group, highlighted the need to grant industry status to enable easier access to low-cost financing, which benefits consumers directly. He also emphasized the importance of implementing single-window clearance for timely project completion and cost efficiency.
RG Group Director Himanshu Garg suggested raising tax slabs and revising the limit of affordable housing to improve housing accessibility. He added that simplifying GST is essential to lower expenses and improve affordability for homebuyers.
Migsun Group MD Yash Miglani expressed concerns over the high GST rate on cement, which stands at 28%, making up nearly one-third of the total cement cost. He emphasized the need to address this issue and other concerns, including industry status and single-window clearance, to provide a much-needed boost to the sector.
Trident Realty's Group Chairman S K Narvar hoped for a budget that promotes 'ease in procedures, transparency in transactions, and encouragement for sustainable practices'. Gulshan Group Director Deepak Kapoor emphasized the need to reduce input costs for steel, cement, and fuel and promote affordable housing.
The real estate developers in Noida and Greater Noida are waiting with bated breath for the Budget 2024, which will be presented by Finance Minister Nirmala Sitharaman on July 23.
Information
CREDAI (Confederation of Real Estate Developers Associations of India) is a leading industry body that represents the interests of real estate developers across India.
RG Group is a leading real estate developer in Noida and Greater Noida, known for its expertise in developing residential and commercial projects.
Migsun Group is a prominent real estate developer in Noida and Greater Noida, with a focus on developing affordable and luxury housing projects.
Eros Group is a well-established real estate developer in Noida and Greater Noida, with a portfolio of residential and commercial projects.
County Group is a leading real estate developer in Noida and Greater Noida, known for its expertise in developing residential and commercial projects.
Bhutani Group is a prominent real estate developer in Noida and Greater Noida, with a focus on developing luxury housing projects.
Gulshan Group is a leading real estate developer in Noida and Greater Noida, known for its expertise in developing residential and commercial projects.
Frequently Asked Questions
What is the current GST rate on cement?
The current GST rate on cement is 28%.
What is the expected contribution of the real estate sector to GDP by 2047?
The expected contribution of the real estate sector to GDP by 2047 is 30%.
What is the main demand of real estate developers in Noida and Greater Noida from the Budget 2024?
The main demand of real estate developers in Noida and Greater Noida from the Budget 2024 is to accord 'industry status' to the real estate sector and address GST woes.
What is the suggested limit of affordable housing in metro areas, including NCR?
The suggested limit of affordable housing in metro areas, including NCR, is Rs 75 lakh.
Who will present the Budget 2024 in Parliament?
Finance Minister Nirmala Sitharaman will present the Budget 2024 in Parliament on July 23.
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