Real Estate Sector Expects Significant Policy Reforms and Budget Allocation in 2024
India's real estate sector is looking forward to major policy reforms and budget allocation in 2024 to address underlying issues such as high interest rates and lower affordability.
Real EstateBudget 2024Policy ReformsAffordable HousingInterest RatesReal EstateJul 20, 2024
In recent times, several metro cities have felt the brunt of these challenges. For instance, Bengaluru, which is one of the major real estate hubs in the country, witnessed a 2% dip in housing sales compared to the previous year. This decline was primarily due to a sharp drop in the affordable housing segment.
The real estate sector is hoping that the upcoming budget will bring in some much-needed reforms to address these challenges. Industry experts are expecting the government to announce policies that will make housing more affordable and accessible to the common man.
One of the key expectations from the budget is a reduction in interest rates. High interest rates have been a major deterrent for people looking to buy homes, and a reduction in rates could lead to an increase in demand. Additionally, the sector is also hoping for an increase in the tax deduction limit on home loans, which could provide a further boost to demand.
Another area that the sector is expecting reforms in is the Goods and Services Tax (GST). The current GST rates on construction materials and services are quite high, which adds to the cost of construction and ultimately affects the prices of homes. The sector is hoping that the government will reduce the GST rates to make housing more affordable.
The real estate sector is also expecting the government to announce initiatives to promote affordable housing. This could include policies such as subsidies for developers who build affordable homes, or tax incentives for buyers who purchase affordable homes.
Overall, the real estate sector is eagerly waiting for the budget to be announced, hoping that it will bring in some much-needed reforms to address the underlying challenges and promote growth.
Information
The Indian real estate sector has been growing rapidly over the past few years, driven by an increase in demand for housing and commercial spaces. However, the sector still faces several challenges, including high interest rates, lower affordability, and a lack of transparency.
The National Real Estate Development Council (NAREDCO) is a leading industry body that represents the real estate sector in India. The organization has been working closely with the government to promote the growth of the sector and address the challenges it faces.
Keywords Real Estate, Budget 2024, Policy Reforms, Affordable Housing, Interest Rates,
Frequently Asked Questions
What is the current state of the Indian real estate sector?
The Indian real estate sector is currently experiencing a growth spurt, with historically high sales in 2023. However, it still faces several challenges such as high interest rates and lower affordability.
What are the expectations from the Budget 2024 for the real estate sector?
The sector is expecting major policy reforms, including a reduction in interest rates, increase in tax deduction limit on home loans, and initiatives to promote affordable housing.
What is the impact of high interest rates on the real estate sector?
High interest rates have been a major deterrent for people looking to buy homes, leading to a decline in demand and affecting the growth of the sector.
What is the role of NAREDCO in promoting the growth of the real estate sector?
NAREDCO is a leading industry body that represents the real estate sector in India, working closely with the government to promote the growth of the sector and address the challenges it faces.
What is the significance of affordable housing in the Indian real estate sector?
Affordable housing is a critical segment of the Indian real estate sector, with a huge demand for affordable homes. Initiatives to promote affordable housing could provide a major boost to the sector.
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