Union Budget 2024-25: Real Estate Leaders Share Expectations for Growth and Reforms
Indian real estate sector expects Union Budget 2024-25 to drive growth, enhance efficiency, and make housing more affordable.
Union Budget 2024 25Real EstateHousingIndustry StatusGstAffordable HousingSingle Window ClearanceReal Estate NewsJul 21, 2024
Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd. and Chairman of ASSOCHAM National Council on Real Estate, Housing, and Urban Development, emphasizes the benefits of granting industry status to real estate, revising GST input tax credit rules, and increasing the home loan interest rebate under Section 24.
Manoj Gaur, Chairman of CREDAI National and CMD of Gaurs Group, stresses the need for the reintroduction of the interest subvention scheme, redefinition of affordable housing, and announcements on GST input credit.
Mohit Goel, Managing Director of Omaxe Group, highlights the sector's contribution to India's GDP and the need for industry status, single-window clearance, and increased support for affordable housing initiatives.
Amit Modi, Director of County Group, adds that the sector is one of the largest employers of both skilled and unskilled labour in the country and emphasizes the need for industry status, single-window clearance, and reintroducing GST input credits for residential real estate.
Deepak Kapoor, Director of Gulshan Group, stresses the importance of cost reductions, promoting affordable housing, and introducing tax incentives to help achieve the nation's housing objectives.
Industry leaders from Ambience Group, Landmark Group, Raheja Developers, MRG Group, Group 108, SKA Group, Axon Developers, Rise Infraventures, and Ansal Housing also share their expectations for the budget, highlighting the need for industry status, single-window clearance, reduced input costs, and measures to address the surging demand for housing.
In conclusion, the real estate sector is looking forward to the Union Budget 2024-25 with high expectations for reforms that will drive growth, enhance efficiency, and make housing more affordable for the Indian population.
Frequently Asked Questions
What is the real estate sector's primary expectation from the Union Budget 2024-25?
The sector's primary expectation is the granting of industry status to real estate.
What is the current GST rate on cement?
The current GST rate on cement is 28%.
What is the projected contribution of the real estate sector to India's GDP by 2025?
The sector is projected to contribute 13% to India's GDP by 2025.
What is the long-term outlook for the Indian real estate sector?
The sector is expected to reach a market size of USD 1 trillion by 2030.
What is the need for single-window clearance in the real estate sector?
Single-window clearance is needed to expedite project approvals, reduce delays, and enhance overall project execution.
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