India's Real Estate Sector Pins Hopes on Union Budget 2024
The upcoming budget is expected to boost sentiment in the housing sector by introducing measures that benefit homebuyers and real estate developers, improving infrastructure funding in cities like Thane.
Indian Real EstateUnion Budget 2024Housing For AllCredai Mchi ThaneInfrastructure DevelopmentReal EstateJul 01, 2024
One of the main issues highlighted by Mehta is the need for a GST set-off on redevelopment projects. Currently, the notional value of free flats given in redevelopment projects is subject to taxation, which Mehta believes the finance minister should address in this budget. This adjustment would provide significant relief to developers and make redevelopment projects more financially viable.
Improving infrastructure such as roads, public transport, metros, waterways, tunnels, and railways plays a crucial role in expanding metropolitan areas and supporting affordable housing. Mehta pointed out that Thane has greatly benefited from infrastructure growth and hopes that the Union Budget will allocate more funds for infrastructure projects in the city. This would not only enhance connectivity but also make housing more accessible and affordable.
The real estate sector in India, particularly in Thane, is looking for measures that will boost confidence among both homebuyers and developers. The introduction of favourable policies and incentives in the budget could lead to increased investment in the housing sector, thereby supporting the overall growth of the real estate market.
In conclusion, the upcoming Union Budget is seen as a pivotal moment for the Indian real estate sector. Mehta and other industry leaders are hopeful that the budget will address critical issues and introduce measures to stimulate growth, enhance infrastructure, and support the 'Housing for All' initiative. This could pave the way for a more robust and resilient real estate market in Thane and across India.
Frequently Asked Questions
What is the main expectation of the real estate sector from the Union Budget 2024?
The sector expects measures that will benefit both homebuyers and real estate developers, leading to increased investment in the housing sector.
What is the current issue with GST in redevelopment projects?
The notional value of free flats given in redevelopment projects is subject to taxation, which the sector wants to be addressed in the budget.
How can infrastructure development support affordable housing?
Developing infrastructure such as roads, public transport, and railways can make housing more accessible and affordable.
What is the significance of the Union Budget 2024 for the real estate sector?
The budget is seen as a pivotal moment for the sector, and favourable policies and incentives can stimulate growth and support the 'Housing for All' initiative.
What is the current state of the real estate sector in Thane?
The sector is looking for measures that will boost confidence among both homebuyers and developers, and Thane has benefited from infrastructure growth in the past.
Related News Articles
Bigg Boss 17 Winner Munawar Faruqui's Luxurious Mumbai Pad: A ₹6.09 Crore Dream Home
Munawar Faruqui's latest real estate purchase is a stunning ₹6.09 crore flat in Mumbai. Here's a sneak peek into his luxurious new abode.
The Future of Urban Living: Predictions for Real Estate Development in India
The ultra-luxury real estate market in India is poised to meet the evolving demands of high-end luxury housing, driven by technological advancements and changing consumer preferences.
Kansai Nerolac Dives into Real Estate with Major Lease on Prime Mumbai Land
Kansai Nerolac Paints secures a significant lease deal on prime land in Lower Parel, Mumbai, for INR 726 crore, capitalizing on the booming real estate market.
Revitalizing Suburbs: Developers Transform Old Housing Societies with Redevelopment
Real estate firms are offering lucrative incentives to homeowners in older, low-rise housing societies, leading to a significant transformation in suburban areas. From chawls to modern high-rises, the change is bringing newfound prosperity to residents.
Norwegian Government Eases Mortgage Loan-to-Value Limits to 90%
Norway's finance ministry has relaxed the loan-to-value mortgage ratio from 85% to 90%, allowing borrowers to put down 10% equity instead of 15% when purchasing a home.
Navigating Market Dynamics: Sandip Sabbarwal's Insights on Risk and Reward in the Current Economy
Sandip Sabbarwal, a seasoned market analyst, discusses the current state of the market, focusing on the real estate sector. Despite corrections, he advises caution due to slowing sales growth and limited pricing power.