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.
Related News Articles
Monsoon Relief in Sight: Maharashtra to Receive Southwest Monsoon in 8-10 Days
Get ready for respite from the heat as the southwest monsoon is expected to cover Maharashtra in 8-10 days
APAC Leads the Way in Digital Payments Growth, India Sees Significant Surge
India witnesses rapid growth in digital payments, surpassing other APAC countries, with China dominating the market.
Adani Group Makes Historic $1 Billion Bid for Jaypee Group's Real Estate and Cement Units
Adani Group, led by Gautam Adani, has announced a one billion dollar bid for Jaypee Group's extensive real estate and cement units, signaling a major expansion into the Indian property sector.
Delhi's Luxury Real Estate Market Soars with Sunder Nagar Bungalow Selling for INR 96 Crore
Luxury home sales in Delhi-NCR, particularly those priced above INR 4 crore, have surged by 38% in 2024, according to CBRE. The recent sale of a Sunder Nagar bungalow for INR 96 crore underscores the growing demand for premium properties in the region.
Strong Office Demand Drives India's Real Estate Market
Mumbai and Bengaluru are leading the way in India's robust office market, which is expected to drive further REIT listings beyond 2025.
Merlin Group's Jayanta Saha Deciphers the Real Estate Market in the East
Merlin Group, a prominent player in the real estate sector, recently celebrated its 40th anniversary and revealed its new corporate brand identity. In a recent interview, Jayanta Saha, a key figure at Merlin Group, shared valuable insights into the evolvi