Indian Real Estate Sector's Expectations from Union Budget 2024-25
The Indian real estate sector is looking forward to the Union Budget 2024-25, hoping for policies that will boost housing demand and infrastructure development.
Real EstateUnion BudgetHousingMarketInfrastructureReal Estate NewsJun 20, 2024
Information
The Indian real estate sector has been experiencing a slowdown in the past few years. The COVID-19 pandemic has further exacerbated the situation, leading to a decline in housing demand and sales. The sector is struggling with high inventory levels, and developers are facing liquidity issues.
What does the sector want from the Union Budget 2024-25?
The real estate sector has a long wish list for the Union Budget 2024-25. Some of the key demands include
Relaxation of tax laws The sector wants the government to relax tax laws, especially the Goods and Services Tax (GST) and income tax, to make housing more affordable.
Increase in tax deduction The sector is seeking an increase in the tax deduction limit on home loans to boost housing demand.
Infrastructure development The sector wants the government to focus on infrastructure development, including the creation of new cities and urban planning, to support the growth of the real estate sector.
Easy access to credit The sector is seeking easy access to credit for developers and homebuyers to improve liquidity.
Single-window clearance The sector wants the government to introduce a single-window clearance system to simplify the approval process for projects.
City-specific market dynamics
The real estate sector is not uniform across the country. Different cities have different market dynamics, and the sector wants the government to consider these factors while formulating policies. For instance, cities like Mumbai and Delhi have high property prices, while cities like Bengaluru and Hyderabad have a more affordable housing market.
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Frequently Asked Questions
What is the current state of the Indian real estate sector?
The Indian real estate sector is experiencing a slowdown, with slow sales, high inventory, and liquidity crunch being some of the major challenges.
What are the key demands of the real estate sector from the Union Budget 2024-25?
The sector wants relaxation of tax laws, increase in tax deduction, infrastructure development, easy access to credit, and single-window clearance.
How will city-specific market dynamics impact the real estate sector?
Cities have different market dynamics, and the government should consider these factors while formulating policies to boost housing demand and infrastructure development.
What is the role of infrastructure development in the real estate sector?
Infrastructure development is critical to the growth of the real estate sector, as it provides the necessary support for housing development and urban planning.
How will the Union Budget 2024-25 impact the real estate sector?
The Union Budget 2024-25 has the potential to stimulate growth and development in the real estate sector by introducing policies that address the sector's challenges and promote housing demand and infrastructure development.
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