Even though the interim Budget 2023 is to be presented in Parliament on February 1, there are expectations from various sectors regarding the budget announcements. The real estate sector is expected to focus on increasing budget allocation for infrastructure, promoting affordable housing, introducing tax exemptions and giving industry status to the sector.
Vidush Arya, head (strategy), Auris Infrastructure, said, “We look forward to favorable norms aimed at reducing interest rates and introducing tax incentives, to encourage sustained growth and investment. Additionally, we expect an increase in budget allocation for new infrastructure development.
He said this dual strategic focus aligns with the positive momentum already seen, which will further enhance the quality of life for home buyers and investors.
Ashwinar R Singh, CEO (Residential), Bharatiya Urban, said, “2023 was a benchmark year for the realty sector, and 2024 will be even better. The real estate sector has high expectations from the upcoming budget. The most prominent among these is to provide industry status to the real estate sector. Apart from this, we would also like to include important measures like single-window clearance, tax breaks and GST rationalization.
Sushma Group ED Prateek Mittal said the upcoming budget will include income tax benefits for the real estate sector with high hopes and expectations for the return of the CLSS scheme.
“While anticipating a strong real estate market, we look forward to fiscal support that recognizes the important role the industry plays in the economic recovery. Affordable housing remains the focal point of inclusive growth, and we eagerly look forward to government initiatives that promote and incentivize such projects. By addressing diverse housing needs, these initiatives are expected to transform the real estate landscape, which will significantly contribute to the social and economic fabric of the country,” Mittal said.
Mohit Goyal, MD, Omaxe Group, said that one of the primary expectations of the real estate sector from Budget 2024 is to be granted industry status. “RERA is being implemented quite sincerely across the sector, and developers are becoming more cautious and responsible. Therefore, the state of the industry will help in getting better financing.
Pradeep Agarwal, Founder and Chairman, Signature Global (India) said, “Recognizing the vital role of real estate in the economic growth of the country, our biggest hope is to give the long overdue industry status to the real estate sector. “This recognition will not only catalyze investment but also streamline regulations, thereby promoting a more conducive environment for sustainable development.”
He said the government is also expected to leverage the infrastructure conditions in the affordable housing segment, a move that will significantly boost the affordability and accessibility of the sector, which will be in line with the country’s vision of ‘Housing for All’. is in accordance with.
Gaurav K Singh, Founder and Chairman, Vomeki Group, said, “The real estate industry is optimistic as we eagerly await the release of Budget 2024-25. We have high expectations from regulations that support housing, promote sustainable growth and create a conducive environment for real estate investors. To empower first-time home buyers, we support reducing long-term capital gains taxes, reduce income taxes on second homes and make a strong argument for interest subsidies.
Aditya Kushwaha, CEO and Director, Axis eCorp, said, “India’s housing market showed impressive growth in 2023, overcoming challenges such as rising property prices and highest interest rates in six years. Despite these constraints, demand for real estate, especially in the luxury and second home categories, remained strong. We anticipate that Budget 2024 will favor homebuyers, supporting the ongoing growth of the sector. The recent focus on affordable housing is expected to continue in the coming financial year.
Amrita Gupta, Director, Mangalam Group and Founder President, CREDAI Rajasthan Women’s Wing, said, “The real estate sector is expected to see a significant transformation especially in the area of boosting consumer sentiment. It is important to increase the maximum deduction on home loan under Section 24 of the Income Tax Act from Rs 2 lakh to a minimum of Rs 5 lakh. “This adjustment has the potential to reinvigorate the housing market.”
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
