Budget 2024: Real Estate Sector Seeks Reforms and Incentives for Growth
Business News / Budget Expectations / Real Estate Sector Hopes for GST Rate Reductions and More
Real EstateBudget 2024Gst Rate ReductionsHome Loan Interest RatesAffordable HousingReal Estate NewsJun 28, 2024
Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd. and Chairman of ASSOCHAM National Council on Real Estate, Housing, and Urban Development, emphasized the need for key reforms, including granting industry status to attract investments and streamline regulations. 'A simplified single-window clearance system will expedite project approvals and reduce delays. Revising GST input tax credit rules will lower property prices and increase transparency,' he said.
Additionally, industry experts like CREDAI NCR Bhiwadi Neemrana President Anil Gupta and NeoLiv founder and CEO Mohit Malhotra expect initiatives promoting off-beat locations and boosting affordable housing to be pivotal in expanding the market's reach and inclusivity. They also anticipate potential GST rate reductions and initiatives to stabilize material costs, which would significantly benefit both developers and homebuyers.
Rahul Sharma, Director of India, International Zinc Association, expects the government to prioritize infrastructure safety and quality, increase funds for existing infrastructure maintenance and upgrades, and provide incentives for innovative construction technologies in the real estate sector. By prioritizing infrastructure, the Budget aims to improve citizens' quality of life, create jobs, and drive economic prosperity.
ASSOCHAM National Council on Real Estate, Housing, and Urban Development is a leading industry body that represents the interests of the real estate sector. Signature Global (India) Ltd. is a prominent real estate developer in India. CREDAI NCR Bhiwadi Neemrana is a regional chapter of the Confederation of Real Estate Developers' Associations of India. NeoLiv is a technology-based real estate platform. International Zinc Association is a global industry body that promotes the use of zinc in various industries, including construction.
Signature Global (India) Ltd. is a leading real estate developer in India, known for its innovative projects and customer-centric approach. ASSOCHAM National Council on Real Estate, Housing, and Urban Development is a leading industry body that represents the interests of the real estate sector. CREDAI NCR Bhiwadi Neemrana is a regional chapter of the Confederation of Real Estate Developers' Associations of India, which is a national apex body of private real estate developers in India. NeoLiv is a technology-based real estate platform that provides innovative solutions to homebuyers and developers. International Zinc Association is a global industry body that promotes the use of zinc in various industries, including construction.
Frequently Asked Questions
What are the key expectations of the real estate sector from Budget 2024?
The real estate sector expects increased rebates on home loan interest rates, GST rate reductions, single-window clearance systems, reduced property prices, and promoting off-centre locations.
What is the significance of industry status for the real estate sector?
Granting industry status to the real estate sector can attract investments and streamline regulations, leading to increased growth and development.
How can initiatives promoting off-beat locations benefit the real estate sector?
Initiatives promoting off-beat locations can expand the market's reach and inclusivity, providing more affordable housing options to homebuyers.
What is the importance of infrastructure safety and quality in the real estate sector?
Prioritizing infrastructure safety and quality can improve citizens' quality of life, create jobs, and drive economic prosperity, ultimately strengthening the foundation for a 'Viksit Bharat'.
How can technology-based real estate platforms benefit the sector?
Technology-based real estate platforms can provide innovative solutions to homebuyers and developers, increasing transparency and efficiency in the sector.
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