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
Mumbai Widow Reaches Settlement with Builders in ₹1 Crore Fraud Case
Court approves out-of-court settlement between widow and real estate developers accused of fraud
Mumbai to Host 3rd Edition of Green Homethon Property Expo from October 4
The National Real Estate Development Council (NAREDCO) Maharashtra is set to host the 3rd edition of Green Homethon Property Expo in Mumbai from October 4, with a focus on sustainable and eco-friendly homes.
Mumbai's Infrastructure Boom: Nariman Point Rents Soar by 52% Outpacing BKC
South Mumbai's iconic Nariman Point is witnessing a remarkable surge in office rentals, outpacing other key business hubs. Will you consider purchasing a property this festive season due to attractive real estate schemes?
PhantomFX Expands with New Deals Worth INR 27 Crore, Fuels Growth Momentum
PhantomFX, a leading player in the tech industry, has announced several new deals totaling INR 27 crore, further solidifying its growth trajectory. The company, known for its innovative solutions, continues to make significant strides in the market.
Saudi Arabia Opens Investment Opportunities for Foreigners in Mecca and Medina Real Estate
Saudi Arabia's market regulator, the Capital Market Authority (CMA), has announced a new policy allowing foreign investors to invest in listed companies that own real estate in the holy cities of Mecca and Medina.
Realtor Ravi Puravankara Acquires 12 Commercial Plots in Mumbai for Rs 242 Crore
In a series of 12 separate transactions, Ravi Puravankara, the founder of a prominent real estate conglomerate, has purchased commercial units in Mumbai's Business Park 2, Church Road, Marol, and Andheri, marking a significant move in the city's real esta