Union Budget 2024: Real Estate Industry Leaders Share Expectations
Real estate heavyweights discuss their expectations from the Union Budget 2024-25, hoping for tax relief, streamlined processes, and measures to address liquidity challenges.
Union Budget 2024Real EstateInfrastructure DevelopmentTax ReliefAffordable HousingReal EstateJul 16, 2024
Mr. Prashant Sharma, President of NAREDCO Maharashtra, emphasizes the need for increased tax incentives for homebuyers, a single-window clearance system, and incentives for affordable housing. He also calls for addressing liquidity issues by ensuring easier access to financing and expanding the SWAMIH stress fund.
Mr. Pritam Chivukula, Co-Founder & Director of Tridhaatu Realty and Vice President of CREDAI-MCHI, highlights the importance of increasing tax deductions on home loan interest and a single-window clearance system to expedite approvals.
Mr. Vedanshu Kedia, Director of Prescon Group, calls for a rethinking of the GST structure, advocating for input tax credit and rationalization of GST rates to make real estate more affordable. He urges revisions in capital gains taxation and enhanced infrastructure development.
Other industry leaders, including Mr. Samyak Jain, Director of Siddha Group, Ms. Shraddha Kedia-Agarwal, Director of Transcon Developers, Mr. Rohan Khatau, Director of CCI Projects, and Mr. Himanshu Jain, VP - Sales, Marketing & CRM of Satellite Developers Private Limited, also share their expectations, emphasizing the need for tax benefits, easier access to credit, and improved liquidity.
In summary, the real estate sector in Maharashtra looks forward to a budget that addresses these critical areas, fostering growth, stability, and affordability. By implementing these measures, the budget can empower homebuyers, boost investment, and create a more stable and sustainable real estate market, contributing to the country's overall economic growth and development.
Frequently Asked Questions
What are the expectations of the real estate sector from the Union Budget 2024-25?
The real estate sector is expecting tax relief, streamlined processes, and measures to address liquidity challenges.
What is the need for increased tax incentives for homebuyers?
Increased tax incentives for homebuyers will boost housing demand and contribute to economic growth.
Why is a single-window clearance system necessary?
A single-window clearance system will expedite project approvals and reduce regulatory bottlenecks.
What is the importance of infrastructure development for the real estate sector?
Infrastructure development is critical for the real estate sector, as it will unlock new development regions and provide more opportunities for both developers and homebuyers.
How will the Union Budget 2024-25 impact the real estate sector?
The Union Budget 2024-25 has the potential to empower homebuyers, boost investment, and create a more stable and sustainable real estate market, contributing to the country's overall economic growth and development.
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