Union Budget 2023: Reviving India's Real Estate Sector
The Indian real estate sector is eagerly awaiting the Union Budget 2023, which can provide the much-needed boost to the industry. Akash Pharande, Managing Director of Pharande Spaces, shares his insights on what the budget can do to revive the sector.
Union Budget 2023Real Estate SectorAffordable HousingTax BreaksRegulatory ReformsReal Estate PuneJun 25, 2024
To generate more growth and address the housing needs of the growing population, particularly in the low and mid-income segments, the budget must include interest subsidies and housing loans, enhanced credit-linked subsidy scheme, and single-window clearance for affordable housing projects.
Tax breaks are also critical in making homeownership more accessible. Raising the tax deduction limit under Section 24(b) of the IT Act, reducing stamp duty, and providing incentives for first-time buyers can go a long way in encouraging people to invest in real estate.
Apart from direct financial boosters, the budget can introduce policy initiatives that will indirectly improve sentiment in the housing sector. Fast-tracking infrastructure development, simplifying the land acquisition process, and providing better finance access to developers are some of the key areas that require attention.
The Union Budget 2023 is an ideal platform for the government to give teeth to its Housing for All scheme. While the original 2022 deadline was not met, it is not too late to revive this dream and make it a concrete reality.
About Pharande Spaces
Pharande Spaces is a leading real estate construction and development firm famous for its township projects in Greater Pune and beyond. Pharande Promoters & Builders, the flagship company of Pharande Spaces and an ISO 9001-2000 certified company, is a pioneer of townships in the region.
Frequently Asked Questions
What is the current state of the Indian real estate sector?
The Indian real estate sector is facing numerous hurdles, including a slowdown in demand, high inventory levels, and lack of affordable housing options.
What are the key areas that the Union Budget 2023 should focus on to revive the real estate sector?
The budget should focus on providing interest subsidies and housing loans, enhanced credit-linked subsidy scheme, single-window clearance for affordable housing projects, tax breaks, and regulatory reforms.
How can the government encourage affordable housing in India?
The government can encourage affordable housing by providing incentives to builders, such as tax breaks and subsidies, and by simplifying the land acquisition process.
What is the significance of the Housing for All scheme?
The Housing for All scheme is a flagship program of the government aimed at providing affordable housing to all citizens by 2022. Although the deadline was not met, it is not too late to revive this dream and make it a concrete reality.
How can the Union Budget 2023 benefit the real estate sector?
The Union Budget 2023 can benefit the real estate sector by providing the much-needed reforms and incentives, which can boost demand, encourage investment, and lead to economic growth.
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