Union Budget 2024-25: Real Estate Sector's Expectations for Growth and Stability
Industry leaders highlight the need for enhanced tax incentives, simplified project approvals, and incentives for affordable housing to drive growth and stability in the real estate sector.
Union Budget 2024 25Real Estate SectorGrowth And StabilityTax IncentivesAffordable HousingGst RatesInfrastructure DevelopmentReal Estate MaharashtraJul 11, 2024
The sector has been plagued by liquidity issues, and industry leaders believe that easing access to financing and expanding the SWAMIH stress fund are crucial. Simplifying land acquisition and promoting rental housing policies are also essential for urban development.
Mr. Prashant Sharma, President of NAREDCO Maharashtra, stressed the need for enhanced tax incentives for homebuyers, advocating for increased limits on deductions under Section 80C and Section 24(b). He also called for a single window clearance system to streamline project approvals and incentives for affordable housing.
Mr. Pritam Chivukula, Co-Founder and Director of Tridhaatu Realty and Vice President of CREDAI-MCHI, highlighted the importance of increasing tax deductions on home loan interest to stimulate residential demand. He advocated for a single-window clearance system to expedite approvals and incentives for affordable housing.
Mr. Vedanshu Kedia, Director of Prescon Group, called for a rethinking of the GST structure, advocating for input tax credit and rationalization of GST rates to make real estate more affordable. He also urged revisions in capital gains taxation, reducing the holding period for long-term gains and increasing exemptions under Sections 54 and 54EC.
Other industry leaders, including Mr. Samyak Jain of Siddha Group, Ms. Shraddha Kedia-Agarwal of Transcon Developers, Mr. Rohan Khatau of CCI Projects, and Mr. Himanshu Jain of Satellite Developers Private Limited, also shared their expectations for the budget.
In summary, the real estate sector looks forward to a budget that addresses these critical areas, fostering growth and stability while contributing significantly to the nation's economic recovery and development.
Frequently Asked Questions
What are the key areas that the real estate sector expects the Union Budget 2024-25 to address?
The sector expects the budget to address issues such as enhanced tax incentives, simplified project approvals, and incentives for affordable housing, among others.
What is the significance of the SWAMIH stress fund for the real estate sector?
The SWAMIH stress fund is crucial for addressing liquidity issues in the sector and ensuring easier access to financing.
Why is it essential to simplify land acquisition and promote rental housing policies?
Simplifying land acquisition and promoting rental housing policies are essential for urban development and meeting the growing demand for housing.
How can the GST structure be reformed to benefit the real estate sector?
The GST structure can be reformed by introducing input tax credit and rationalizing GST rates to make real estate more affordable.
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