Budget 2024: Expectations from the Real Estate Sector
In anticipation of the Union Budget for 2024-25 scheduled for July 23, the real estate sector in India eagerly awaits reforms and incentives to foster growth and address challenges. The budget is expected to outline government revenues and expenditures across various sectors, including real estate.
Anticipated Reforms:
Stakeholders anticipate the following reforms:
* Extension of corporate tax benefits
* Removal of surcharges
* Other industry-specific reforms
Industry Wish List:
Industry leaders have expressed their wish list for the upcoming budget:
* Amit Goyal, MD, India Sotheby’s International Realty:
* Sustaining 7%+ GDP growth amidst global economic challenges
* Encourage capital investments and FDI inflows
* Introduce a standalone deduction for home loan principal repayment
* Priyatham Kumar, Founder, Homes247:
* Boost in urban housing, commercial, and retail markets
* Reduce taxes on construction materials to 18%
* Support proptech start-ups through specialized budget policy
* Anuj Puri, Chairman, ANAROCK Group:
* Provide tax reliefs
* Revive the credit-linked subsidy scheme under PMAY for affordable housing
* Re-introduce 100% Tax Holiday to incentivize affordable housing construction
* Shubhi Jain, Principal Partner, Square Yards:
* Grant industry status to real estate
* Enhance tax reliefs and deductions on home loans
* Recalibrate strategies for affordable housing under PMAY
Importance of Real Estate Sector:
Real estate is a vital contributor to the Indian economy, serving as a major employer and driving growth in over 200 ancillary sectors. The industry believes that the upcoming budget can provide much-needed support to sustain demand for homes and encourage investments in the sector.
