Union Budget 2024-25: Homebuyers Disappointed, Real Estate Developers Laud Budget
The Union Budget 2024-25 has left homebuyers disappointed, while real estate developers have praised the budget. Apartment owners and industry stakeholders in Noida and Greater Noida have shared their views on the budget.
Union Budget 2024 25Real EstateHomebuyersInfrastructure DevelopmentJewar AirportReal Estate MumbaiJul 24, 2024
Apartment owners in Noida and Greater Noida have expressed their disappointment with the budget, citing the revocation of indexation benefits in property deals, which will lead to a significant reduction in capital gains for homebuyers. Rajiva Singh, president of Noida Federation of Apartment Owners Association (NOFAA), believes that this new policy will make it less attractive for real estate investors.\
On the other hand, real estate developers have praised the budget, citing its focus on infrastructure development, particularly the Jewar airport project, which is expected to boost the economy in Delhi and Uttar Pradesh. Ajay Chaudhary, CMD of Ace Group, believes that the Jewar airport will be a game-changer for the region, attracting jobs and investment.
The budget has also proposed new regulations to promote and regulate the rental sector, as well as incentives for states to rebate taxes for lower-income people. Ashish Bhutani, CEO of Bhutani Group, has welcomed these moves, saying that they will make home-buying more accessible for low- and middle-income families.\
Industry stakeholders in Noida and Greater Noida, including those in the apparel, green energy, and MSME sectors, have also praised the budget. They have highlighted the benefits of the budget, including the reduction in customs duty on gold and silver, the allocation of Rs 10,000 crore for renewable energy projects, and the development of employment and export-oriented clusters and industrial parks.
Frequently Asked Questions
What is the Union Budget 2024-25?
The Union Budget 2024-25 is the annual budget of the Indian government, presented on July 24, 2024.
How has the budget affected homebuyers?
The budget has left homebuyers disappointed, as it did not address concerns like high interest rates on home loans and the annual increase in stamp duty charges.
What are the benefits of the Jewar airport project?
The Jewar airport project is expected to boost the economy in Delhi and Uttar Pradesh, attracting jobs and investment to the region.
What are the incentives for low- and middle-income families in the budget?
The budget has proposed new regulations to promote and regulate the rental sector, as well as incentives for states to rebate taxes for lower-income people.
How has the budget affected the real estate sector?
Real estate developers have lauded the budget, citing its emphasis on infrastructure development and incentives for low- and middle-income families.
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