Budget expectations 2024 in the real estate sector – Budget 2024 News

– By Paras Arora

For the real estate industry, residential and commercial, 2023 was a great year. According to a Research and Markets study, the Indian real estate market is predicted to surge at a compound annual growth rate of 25.60% between 2023 and 2028, from an estimated $ 265.18 billion in 2023 to $ 828.75 billion by 2028. The industry is expected to continue expanding steadily and vigorously as it prepares for 2024, boosting investor confidence and the country’s economy. 

Ahead of the government’s announcement of the union budget for the fiscal year 2024–2025, the real estate sector expects significant developments. The industry influences the government to proactively spur growth, advance the country’s economic development, and provide measures to sustain and intensify the positive trajectory observed in 2023.

Here’s a look at expectations from the budget: 

To address the growing demand for flexible offices, particularly among larger businesses, the government should examine real estate regulation problems, encourage more coworking organisations to expand through financial and non-financial incentives, and promote quicker economic growth.

Coworking draws many MSMEs and startups as tenants. Lowering GST on commercial real estate rentals reduces workplace costs, making it more accessible and appealing to enterprise and corporate clients. 

Due to their large-scale implementation, real estate projects require several permits and authorizations. Builders thus need help obtaining various clearances from different state and federal government entities. A single-window clearing procedure must be implemented to expedite project clearances, minimize delays, and improve overall project execution efficiency. Furthermore, this will make the project authorization process more transparent and efficient, saving the government and developers both time and resources.

Looking forward to a promising future ahead 

While the real estate sector is experiencing growth, the government’s backing is essential to establish a robust and sustainable environment in India. With the 2024 budget around the corner, industry participants are optimistic about the essential reforms that will drive the sector’s expansion. The crucial harmonization between the budgetary strategies and the sector’s long-term vision is pivotal in cultivating a dynamic and flourishing real estate landscape.

(Paras Arora is the founder & CEO of Qdesq.)

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