Reviving the Real Estate Sector: Budget 2024 Expectations
The Indian real estate industry is expecting significant reforms and policy boosts in the upcoming Union Budget 2024. Developers have expressed their essential requirements, including tax sops for homebuyers, boost for affordable housing, and initiatives
Real EstateUnion Budget 2024Affordable HousingHomebuyersTax SopsReal Estate NewsJun 27, 2024
The sector is expecting policies that foster sustainable growth and address key challenges facing the industry. This includes initiatives to facilitate employment, facilitate regulatory approvals, and encourage funding in low-priced housing. Supportive regulations will not only encourage investor confidence but also facilitate important infrastructure.
Measures are needed to boost cash flow within the quarter, mitigate cost burdens, and enhance tax sops for homebuyers. Introducing interest subsidy programs could incentivize potential homebuyers effectively. The government could strategically deploy its extensive land banks in partnership with private developers, offering land and capital at concessional rates. Implementing tax incentives for developers engaging in affordable projects could further stimulate activity in this sector.
The sector is also looking for policies that will enhance skill development in modern constructions, through subsidized training sessions or derive tax incentives for companies seeking to train its workforce. Initiatives to boost the digital transformation of real estate transactions, potentially by encouraging the use of blockchain technology in property registration, are also expected.
Furthermore, the sector expects policies that would help strengthen its position, including those that encourage integrated township developments, which may include allowing relaxed zoning ordinances and tax incentives. The industry also anticipates actions in relation to the discovered negative impacts that consist of encouraging strategies for structure construction particularly in areas affected by floods due to climate change.
In addition, the sector is looking for policies that will raise funds for affordable housing, including the expansion of tax incentives for first-time homebuyers and the extension of PMAY timelines. The industry also expects the government to bring down GST rates on under-construction properties to boost demand.
By prioritizing these measures, the government can catalyze a resilient recovery in the real estate sector, fortifying its role as a cornerstone of economic growth and employment generation in the post-pandemic era.
Frequently Asked Questions
What are the expectations of the real estate sector from the Union Budget 2024?
The sector is expecting policies that foster sustainable growth, address key challenges, and provide tax sops for homebuyers.
How can the government boost cash flow in the real estate sector?
Introducing interest subsidy programs, strategically deploying land banks, and implementing tax incentives for developers can boost cash flow.
What is the significance of the real estate sector in the Indian economy?
The sector plays a pivotal role in the economy, contributing significantly to employment and GDP.
How can the government encourage the digital transformation of real estate transactions?
Encouraging the use of blockchain technology in property registration can boost digital transformation.
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