Real Estate Mumbai

What the 2024-25 Union Budget Means for Mumbai's Real Estate Industry

By GeoSquare News Desk · Published 2024-06-25

The 2024-25 Union Budget has raised hopes for the real estate industry in Mumbai, with many experts anticipating significant financial measures to strengthen the economy under the current administration. As the economic hub of India, Mumbai requires comprehensive city development, including infrastructure improvements and future growth planning. One crucial aspect that needs attention is the redevelopment of projects, which account for over 50% of real estate projects in Mumbai. Levying no GST on redevelopment projects could ensure safer, better, and more affordable housing for the citizens of Mumbai.

To address the validated demand for 11.2 million houses, redefining affordable housing for metro cities like Mumbai is critical. A uniform affordable housing criterion for both metro and non-metro cities, without a price cap, should be established, with all houses of 60 sqm declared as affordable housing. Additionally, increasing tax exemptions on home loans and making the interest component on home loans tax-free under the relevant sections of the IT Act are crucial steps to make housing more accessible.

The government's policies should be formulated in a democratic manner, ensuring that the diverse needs of all stakeholders are addressed. CREDAI-MCHI, the apex body of MMR's real estate industry, hopes that the government will consider the needs of the industry and the citizens of Mumbai while formulating its policies.

Information
CREDAI-MCHI is an apex body comprising members from the real estate industry in the Mumbai Metropolitan Region (MMR). With an impressive membership of over 1800+ leading developers in MMR, CREDAI-MCHI has extended its reach throughout the region, establishing units in various locations. Being the only Government-recognized body for private sector developers in MMR, CREDAI-MCHI is dedicated to promoting the industry's organization and progress.