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.
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