Noida Real Estate Developers Pin Hopes on Budget 2024 for Tax Relief and Simplified GST
Real estate developers in Noida and Greater Noida expect the first Budget of the Modi 3.0 government to accord 'industry status' to their sector, address GST woes, and introduce tax incentives.
Real EstateNoidaGreater NoidaBudget 2024GstIndustry StatusAffordable HousingReal EstateJul 21, 2024
RG Group Director Himanshu Garg emphasized the need to improve housing accessibility by raising tax slabs and revising the limit of affordable housing. Industry body CREDAI's western UP Secretary Dinesh Gupta highlighted the importance of tax incentives, improved tax structures, and a single-window clearance policy to encourage further investment from both domestic and foreign sources.
Bhutani Group CEO Ashish Bhutani stressed the need to increase the real estate sector's contribution to GDP to 30 per cent by 2047, which is currently lower compared to Europe and China. He also batted for 100 per cent relief on GST for low and mid-income housing and GST rebate in a way that developers can pass on the benefits to buyers.
Avneesh Sood, Director of Eros Group, emphasized the need for a nuanced approach to real estate woes, focusing on enhancing transparency and efficiency through a robust regulatory framework and streamlined approvals process. Amit Modi, Director of County Group, highlighted the need to grant industry status to enable easier access to low-cost financing, which benefits consumers directly. He also emphasized the need to reintroduce GST input credits for residential real estate and increase the home loan interest exemption to Rs 8 lakhs annually.
Migsun Group MD Yash Miglani pointed out that the GST on cement, a key consumable, stands at 28 per cent, making up nearly one-third of the total cement cost, a significant concern. Gulshan Group Director Deepak Kapoor emphasized the need to reduce input costs for steel, cement, and fuel, lower GST on cement, and promote affordable housing and tax incentives to achieve the nation's housing objectives.
The Finance Minister Nirmala Sitharaman will present the 2024-25 Budget on July 23, and the real estate developers are hoping for a budget that addresses their concerns and promotes 'ease in procedures, transparency in transactions, and encouragement for sustainable practices'.
CREDAI (Confederation of Real Estate Developers' Associations of India) is the apex body of private real estate developers in India.
RG Group is a prominent real estate developer in Noida and Greater Noida.
Bhutani Group is a leading real estate developer in Noida and Greater Noida.
Eros Group is a renowned real estate developer in Noida and Greater Noida.
County Group is a prominent real estate developer in Noida and Greater Noida.
Migsun Group is a leading real estate developer in Noida and Greater Noida.
Gulshan Group is a prominent real estate developer in Noida and Greater Noida.
Frequently Asked Questions
What is the main demand of real estate developers from Budget 2024?
Real estate developers are seeking 'industry status' for easier access to funds, simplified GST, and a robust regulatory framework to enhance transparency and efficiency.
What is the current GST rate on cement?
The current GST rate on cement is 28 per cent.
What is the expected contribution of the real estate sector to GDP by 2047?
The real estate sector is expected to contribute 30 per cent to GDP by 2047.
What is the need to promote affordable housing?
Promoting affordable housing is necessary to achieve the nation's housing objectives and address the housing affordability concerns.
When will the Finance Minister present the 2024-25 Budget?
The Finance Minister will present the 2024-25 Budget on July 23.
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