Indian Real Estate Sector Hails Union Budget 2024 as a Game-Changer
The Union Budget 2024 has received a thumbs-up from the Indian real estate industry, with industry leaders praising its focus on inclusive development, infrastructure, and innovation.
Union Budget 2024Indian Real EstateCredai Pune MetroAffordable HousingInfrastructure DevelopmentReal Estate PuneJul 23, 2024
Naiknavare praised the budget's emphasis on affordable housing, stating that the long-term investment of ₹10 lakh crore and subsequent affordable loan rates for PMAY 2.0 will help bridge the demand-supply gap in affordable housing. He also appreciated the introduction of a transparent rental housing policy, boost to water supply and sewage for 100 cities, focus on town planning (TP) schemes, transit-oriented development (TOD) zones, infrastructure development, and simplification of GST.
The reduction of GST and basic customs duty (BCD) on steel is another positive aspect of the budget, according to Naiknavare. This move is expected to lower input costs for the real estate industry, providing a much-needed relief. The digitization of urban land records, a long-standing demand of the industry, will bring more transparency to transactions.
The increase in the standard deduction in income tax from ₹50,000 to ₹75,000 is also seen as a positive step, as it will put more money in the hands of home buyers, enabling them to pay EMIs earlier and close their loans
While the budget has addressed some of the industry's concerns, Naiknavare acknowledged that some of Credai's key demands, such as the introduction of credit guarantee schemes for affordable home loans and reduction of long-term capital gain taxes, were not fully addressed. However, he expressed satisfaction with the overall direction of the budget, stating that it is a step in the right direction for the industry.
Credai, or the Confederation of Real Estate Developers' Associations of India, is the apex body for private real estate developers in India. The organization has been actively working towards promoting transparency, accountability, and ethics in the real estate sector.
Credai Pune-Metro is a leading real estate developers' association in Pune, dedicated to promoting the interests of its members and working towards the betterment of the real estate sector in the region.
Frequently Asked Questions
What is the mission Vikasit Bharat 2047?
The mission Vikasit Bharat 2047 is a long-term vision for India's development, focusing on inclusive growth, manufacturing, MSMEs, women empowerment, agriculture, urban development, energy security, infrastructure, innovation, and next-generation reforms.
What is the impact of the budget on affordable housing?
The budget has announced a long-term investment of ₹10 lakh crore and subsequent affordable loan rates for PMAY 2.0, which is expected to bridge the demand-supply gap in affordable housing.
What are the benefits of the reduction of GST and BCD on steel?
The reduction of GST and BCD on steel is expected to lower input costs for the real estate industry, providing a much-needed relief.
What is the significance of digitization of urban land records?
The digitization of urban land records will bring more transparency to transactions, making it easier for home buyers and developers to conduct business.
What are the unaddressed demands of the real estate industry?
Some of the unaddressed demands of the real estate industry include the introduction of credit guarantee schemes for affordable home loans, reduction of long-term capital gain taxes, and employment generation and skilling.
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