Union Budget 2024-25: Real Estate Leaders Share Key Expectations
Indian real estate sector anticipates significant reforms to drive growth and efficiency in the industry, including granting industry status, simplified approval processes, and increased support for affordable housing initiatives.
Real EstateUnion Budget 2024 25Industry StatusSingle Window ClearanceAffordable HousingReal EstateJul 21, 2024
Several industry leaders have shared their expectations from the upcoming budget. Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd. and Chairman of ASSOCHAM National Council on Real Estate, Housing, and Urban Development, highlighted the benefits of granting industry status, simplifying the approval process, and revising the GST input tax credit rules.
Manoj Gaur, Chairman of CREDAI National and CMD of Gaurs Group, stated that the sector is looking for the reintroduction of the interest subvention scheme to revive mass housing and a redefinition of affordable housing. Mohit Goel, Managing Director of Omaxe Group, emphasized the importance of granting industry status to the real estate sector.
Other industry leaders, including Amit Modi, Director of County Group, Deepak Kapoor, Director of Gulshan Group, Ankush Kaul, Chief Business Officer of Ambience Group, Sandeep Chillar, Founder & Chairman of Landmark Group, Nayan Raheja from Raheja Developers, Rajjath Goel, Managing Director of MRG Group, Dr. Amish Bhutani, MD of Group 108, Sanjay Sharma, Director of SKA Group, Ankit Kansal, MD of Axon Developers, Sachin Gawri, Founder and CEO of Rise Infraventures, and Kushagr Ansal, Director of Ansal Housing, also shared their expectations from the budget. They emphasized the need for government intervention to support the sector's continued expansion and contribution to the economy.
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. The industry's collective voice highlights the need for government intervention to support its continued expansion and contribution to the economy.
Frequently Asked Questions
What is the real estate sector expecting from the Union Budget 2024-25?
The real estate sector is expecting significant reforms to drive growth and efficiency, including granting industry status, simplifying the approval process, and increasing support for affordable housing initiatives.
What is the benefit of granting industry status to the real estate sector?
Granting industry status to the real estate sector would allow developers to take loans at relatively low interest rates and avail of tax incentives, leading to increased investment and growth in the sector.
What is the importance of affordable housing in the real estate sector?
Affordable housing is crucial to meet the needs of the growing population and spur economic development. The sector is seeking increased support for affordable housing initiatives to make housing more accessible to the Indian population.
What is the impact of the GST input tax credit rules on the real estate sector?
The GST input tax credit rules have increased the cost of housing projects, leading to higher prices for consumers. The sector is seeking a revision of these rules to reduce costs and increase transparency.
What is the long-term outlook for the real estate sector in India?
The real estate sector is expected to reach a market size of USD 1 trillion by 2030 and contribute 13% to India's GDP by 2025, making it a crucial contributor to the economy.
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