Budget 2024: What India's Real Estate Industry Gained
India's real estate industry welcomed the Union Budget 2024-25, which introduced several measures to boost the sector
Real EstateBudget 2024Union BudgetNirmala SitharamanAffordable HousingInfrastructure DevelopmentTax ReformsReal Estate MaharashtraJul 23, 2024
Under the Pradhan Mantri Awas Yojana (PMAY), three crore additional houses will be built in rural and urban areas, with an investment of Rs 10 lakh crore. The government also plans to develop 'Cities as Growth Hubs' through economic and transit planning, and orderly development of peri-urban areas.
The budget also proposed several tax reforms, including a reduction in the long-term capital gains tax rate from 20% to 12.5%. Additionally, the government plans to encourage states to reduce high stamp duties, especially for women homebuyers.
The real estate industry welcomed the budget proposals, with many industry leaders saying that it would help boost the sector. However, some industry experts feel that the budget did not address some of the key demands of the sector, including granting of industry status and input tax credit.
Here are some key reactions from the real estate industry
'The budget proposals on affordable housing and infrastructure development are welcome moves,' said Aravind Maiya, CEO of Embassy REIT.
'The reduction in the long-term capital gains tax rate is a positive move, but the removal of indexation benefit will increase the tax burden on real estate transactions,' said Dhruv Agarwala, Group CEO of Housing.
'The budget did not address some of the key demands of the sector, including granting of industry status and input tax credit,' said Pavitra Shankar, MD of Brigade Enterprises.
Overall, the Union Budget 2024-25 has introduced several measures to boost India's real estate industry, but some industry experts feel that more needs to be done to address the sector's key demands.
Frequently Asked Questions
What is Pradhan Mantri Awas Yojana (PMAY)?
PMAY is a government scheme aimed at providing affordable housing to all.
What is the proposed investment for affordable housing under PMAY?
The proposed investment for affordable housing under PMAY is Rs 10 lakh crore.
What is the new long-term capital gains tax rate proposed in the budget?
The new long-term capital gains tax rate proposed in the budget is 12.5%.
What is the main objective of the 'Cities as Growth Hubs' initiative?
The main objective of the 'Cities as Growth Hubs' initiative is to develop cities through economic and transit planning, and orderly development of peri-urban areas.
Why did some industry experts express disappointment with the budget?
Some industry experts expressed disappointment with the budget because it did not address some of the key demands of the sector, including granting of industry status and input tax credit.
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