As Union Budget 2024 approaches, players in the real estate industry are voicing their expectations, with a strong emphasis on promoting affordable housing and addressing interest rates. The spotlight is on Union Finance Minister Nirmala Sitharaman, set to unveil the Interim Budget on February 1, as the industry eagerly awaits measures that will shape its trajectory in the upcoming fiscal year.
Stakeholders underscore the persistent demand for industry status, crucial for recognition and sustained growth. Nayan Raheja, representing Raheja Developers, emphasizes the need for a time-saving single-window clearance system, deemed crucial for developers.
The call for government intervention extends to tax incentives, with industry players advocating for a focus on affordable housing. They hope for budget measures addressing interest rates, ensuring alignment with current market dynamics. Yash Miglani, Managing Director of Migsun Group, portrays the real estate sector as a robust growth pillar in the Indian economy. He articulates the sector’s plea for industry status, lower interest rates, and tax incentives as economic relief during crises. Miglani also emphasizes the need for reductions in input costs, specifically for steel, cement, and fuel.
Recognizing the substantial contribution of the real estate sector to the GDP (6 to 8 percent). And its employment of lakhs of people directly and indirectly. Surender Kaushik, Managing Director of Aryan Realty Infratech Pvt Ltd, proposes key measures. These include a separate deduction for principal repayment, a redefined threshold for affordable housing, and increased carpet area limits.
Key expectations for Union Budget 2024 in the real estate sector encompass reforms in long-term capital gains taxation, exemptions for Real Estate Investment Trust (REIT) investments, the introduction of a single-window clearance system for streamlined approval processes, tax incentives benefiting home buyers and investors, and a push for lower interest rates.
