Union Budget 2024: Co-working and Co-living Sectors Seek Tax Cuts, Integration with SEZs
As India Inc awaits the presentation of Union Budget 2024, stakeholders across the co-working and co-living segments are demanding tax cuts, integration with special economic zones, and more.
Union Budget 2024Co WorkingCo LivingReal EstateCommercial Real EstateSezsGstTax CutsReal Estate NewsJul 17, 2024
The co-working segment has been on an upward trajectory since the Covid-19 pandemic, gaining increasing market share within the larger commercial real estate sector. Large enterprises have also shifted towards this category, adopting a hybrid work culture. Meanwhile, the organized co-living segment, albeit still in its nascent stage, is giving the rental housing market a run for its money.
One of the top demands from co-working stakeholders is a reduction in Goods and Services Tax (GST) rate for small-scale co-working clients. This, they argue, would make the segment more accessible to startups and small businesses, expanding the industry's reach and ultimately bringing in revenue.
\
Frequently Asked Questions
What is the current market share of co-working spaces in the commercial real estate sector?
Co-working spaces currently hold around 9-10% of the total Grade A office stock in India.
What is the expected growth of the co-working segment by 2026?
The co-working segment is expected to reach 80 million square feet by 2026.
What is the current tax rate applicable to co-working spaces?
The current tax rate applicable to co-working spaces is 10% TDS.
What is the benefit of integrating co-working spaces with SEZs?
Integrating co-working spaces with SEZs could create a win-win scenario, combining the co-working sector's agility and focus on innovation with the SEZs' beneficial regulations for businesses.
What is the current state of the co-living segment in India?
The co-living segment is still in its nascent stage, but is giving the rental housing market a run for its money.
Related News Articles
Indian Housing Market Sees 18% Decline in Q2 2024 Sales Across 9 Major Cities
Housing sales in nine major Indian cities, including Mumbai, Delhi NCR, and Bengaluru, fell by 18% in Q2 2024, with Hyderabad and Mumbai witnessing significant declines.
KBC Global Ltd: Pioneering Real Estate Development in Maharashtra
Established in 2007, KBC Global Ltd has made significant strides in the real estate industry, specializing in the development and sale of residential and residential-cum-office projects in Nashik, Maharashtra.
Birla Estates Strengthens Real Estate Portfolio with Kalwa Land Acquisition
Birla Estates, a leading real estate developer, has acquired a land parcel in Kalwa, Maharashtra, from Hindalco Industries for INR 595 crore, further expanding its portfolio in the region.
The Impact of Real Estate on Socio-economic Development
Sh. Kuldip Narayan, IAS, Joint Secretary & Mission Director (Housing for All), Ministry of Housing & Urban Affairs, highlights the significant role of the real estate sector in fostering socio-economic development.
HSR Layout: Bengaluru's Rising Real Estate Star in 2024
HSR Layout in Bengaluru has seen a 30% property price surge over two years, making it a key real estate hotspot for residential and commercial properties.
Godrej Properties Launches First Residential Project in Hyderabad - Godrej Madison
Godrej Properties, a prominent player in the real estate sector, has announced its entry into the vibrant Hyderabad market with the launch of its first residential project, Godrej Madison.