Budget 2024: Real Estate Sector's Expectations and Aspirations
The Indian real estate sector is pinning its hopes on the upcoming budget for significant reforms, including GST reduction, lower interest rates, and more.
Union Budget 2024Real Estate SectorGst ReductionInterest RatesAffordable HousingSustainabilityInfrastructure DevelopmentReal Estate PuneJul 22, 2024
Key expectations of the real estate sector include reduction in GST and interest rates, encouraging the growth of affordable housing, increased focus on sustainability, and priority to infrastructure development. A reduction in GST rates and measures to stabilize material costs will have a positive impact on developers and homebuyers. Increasing the rebate on home loan interests and enhancing budget allocation for urban infrastructure will further stimulate growth.
The government's focus on 'Housing For All' is expected to gain further impetus in this budget. Expanding affordable housing to include residential properties with larger carpet areas and re-launching credit-linked-subsidy-schemes will benefit homebuyers. Apart from that, sustained investments in housing and urban development and infrastructure are crucial for ongoing growth and enhancing the standard of living.
Enhanced tax benefits on home loans, such as raising the deduction for principal repayment, will provide substantial relief to homebuyers. The government is also expected to make certain land holdings available at lower costs for affordable housing projects, reducing overall real estate prices. Incentives for sustainable and eco-friendly homes or residential projects will address the need for environmental sustainability and provide housing options that are not only affordable but also energy-efficient.
Ultimately, if these policies are implemented, the real estate sector will continue on its path of steady growth, fostering sectoral growth not only for homebuyers but also for the economy.
Frequently Asked Questions
What is the major expectation of the real estate sector from Budget 2024?
Granting of industry status to the sector, which will attract more investments and streamline governing procedures.
How will a reduction in GST rates impact the real estate sector?
It will reduce prices of property, enhance transparency, and have a positive impact on developers and homebuyers.
What is the government's focus in the affordable housing segment?
'Housing For All', which is expected to gain further impetus in this budget, including expanding affordable housing to include residential properties with larger carpet areas.
What incentives can be expected for sustainable and eco-friendly homes or residential projects?
Favourable loan terms, subsidies, and tax benefits for developers and buyers who prioritize green building practices.
How will the real estate sector benefit from infrastructure development?
It will stimulate growth, enhance the standard of living, and contribute to the growth of the housing market.
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