Indian Real Estate Sector: Expectations from Union Budget 2024
The Indian real estate sector anticipates significant reforms in the upcoming budget, including GST reduction, lower interest rates, and industry status
Union Budget 2024Real Estate SectorGst ReductionLower Interest RatesIndustry StatusAffordable HousingSustainabilityInfrastructure DevelopmentReal EstateJul 22, 2024
One major expectation from this year's budget is granting industry status to the sector. This will not only attract more investments but also streamline governing procedures. The sector also expects a reduction in GST rates, lower interest rates on home loans, and the implementation of a more efficient single-window clearance system.
Another key expectation is encouraging the growth of affordable housing. 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 relaunching credit-linked subsidy schemes will be beneficial to homebuyers.
The sector also anticipates increased focus on sustainability, with incentives for sustainable and eco-friendly homes or residential projects, particularly within the affordable housing segment. This will not only address environmental sustainability but also provide housing options that are affordable and comply with energy-efficient regulations.
Lastly, the sector expects priority to be given to infrastructure development, streamlining regulatory processes, and offering incentives for green building practices. This will encourage investment and ensure long-term economic stability.
If these policies are implemented, the real estate sector will continue on its path of steady growth.
Frequently Asked Questions
What is the real estate sector expecting from Union Budget 2024?
The sector expects significant reforms, including GST reduction, lower interest rates, industry status, and encouragement of affordable housing and sustainability.
Why is industry status important for the real estate sector?
Granting industry status will attract more investments and streamline governing procedures, leading to sectoral growth.
How will the growth of affordable housing be encouraged in Budget 2024?
The government is expected to expand affordable housing to include residential properties with larger carpet areas and relaunch credit-linked subsidy schemes.
What incentives can be expected for sustainable and eco-friendly homes?
The sector expects incentives such as favourable loan terms, subsidies, and tax benefits for developers and buyers who prioritize green building practices.
How will infrastructure development boost the real estate sector?
Prioritizing infrastructure development will encourage investment, ensure long-term economic stability, and stimulate growth in the sector.
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