Budget 2024: Real Estate Sector Eyes Policy Boost and Tax Sops for Homebuyers
The Indian real estate industry has achieved remarkable growth figures in recent quarters. As the Union Budget 2024 approaches, there is optimism within the sector for significant reforms to be announced.
Real EstateBudget 2024HomebuyersTax SopsPolicy BoostReal EstateJun 27, 2024
Developers are seeking policy measures that foster sustainable growth and address key challenges facing the industry. This sector plays a pivotal role in the economy, contributing significantly to employment and GDP. They urge the authorities to facilitate employment, regulatory approvals, and funding in low-priced housing. Supportive regulations will no longer simply encourage investor confidence but also facilitate important infrastructure.
Measures are needed to boost cash flow within the quarter, together with mitigation of cost burdens and enhancement of tax sops for homebuyers. These steps can stimulate calls throughout broader segments of society to ensure housing availability.
The upcoming budget should focus on revitalizing both the demand and supply for homes in the Rs 15-75 lakh per unit price bracket. Introducing interest subsidy programs could incentivize potential homebuyers effectively.
There is also a need to motivate state governments to reduce stamp duty on affordable housing to make these homes more accessible. Moreover, long-standing sector demands, such as granting industry or infrastructure status and raising tax exemption limits on home loan repayments, should be considered to sustain long-term growth in the housing sector.
The government can catalyze a resilient recovery in the real estate sector by prioritizing these measures, fortifying its role as a cornerstone of economic growth and employment generation in the post-pandemic era.
The sector expects policies that would help strengthen its position, including those that encourage integrated township developments, which may include allowing relaxed zoning ordinances and tax incentives. The industry also anticipates actions in relation to the discovered negative impacts that consists of encouraging strategies for structure construction particularly in areas affected by floods due to climate change.
The sector is also looking for policies which will enhance skill development in modem constructions, through subsidized training sessions or derive tax incentives for companies seeking to train its workforce.
Lastly, the sector expects initiatives to boost the digital transformation of real estate transactions, potentially by encouraging the use of blockchain technology in property registration. Policies such as these would put the real estate sector into long-standing development trajectories and long-term sustainable growth paths.
InfraMantra is a leading real estate consultancy firm.
Housing.com & PropTiger.com are leading online real estate platforms.
Eros Group is a prominent real estate developer.
RPS Group is a leading real estate developer.
Goel Ganga Developments is a prominent real estate developer.
Motia Group is a leading real estate developer.
Vibhavangal Anukulakara Pvt Ltd is a leading real estate consultancy firm.
InfraMantra is committed to providing innovative and sustainable real estate solutions.
Housing.com & PropTiger.com are dedicated to making home buying and selling a seamless experience.
Eros Group is focused on delivering quality real estate projects that meet the evolving needs of customers.
RPS Group is known for its customer-centric approach and commitment to quality construction.
Goel Ganga Developments is a trusted name in the real estate industry, known for its transparency and customer satisfaction.
Motia Group is a leading real estate developer with a focus on sustainable and innovative projects.
Vibhavangal Anukulakara Pvt Ltd is a boutique consultancy firm that provides expert real estate solutions.
Frequently Asked Questions
What is the Indian real estate industry expecting from the Budget 2024?
The Indian real estate industry is expecting policy measures that foster sustainable growth and address key challenges facing the industry.
What are the key challenges facing the real estate industry?
The key challenges facing the real estate industry include mitigation of cost burdens, enhancement of tax sops for homebuyers, and facilitation of employment and regulatory approvals.
How can the government boost the real estate sector?
The government can boost the real estate sector by allocating resources and implementing favorable policies that accelerate growth, leading to job creation and economic stimulation.
What are the expectations from the upcoming budget in terms of affordable housing?
The upcoming budget is expected to focus on revitalizing both the demand and supply for homes in the Rs 15-75 lakh per unit price bracket, and introducing interest subsidy programs to incentivize potential homebuyers.
What are the long-standing sector demands?
The long-standing sector demands include granting industry or infrastructure status, raising tax exemption limits on home loan repayments, and introducing innovative financing mechanisms, such as green bonds.
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