Indian Real Estate Awaits Budget 2024: Expectations for Economic Boost Ahead of Elections
As India gears towards the Lok Sabha 2024 elections, all eyes are on the forthcoming interim budget scheduled for February 1, 2024. The Indian real estate sector, a pivotal component of the nation’s economy, is awaiting with bated breath, anticipating significant provisions from Finance Minister Nirmala Sitharaman. The forthcoming budget is deemed critical due to its potential to influence homebuyer sentiment and promote affordable housing, thereby playing a significant role in India’s economic recovery.
Key Expectations from the Budget
Among the key expectations are tax reliefs on homes and tax exemptions on home loans. Further, the industry is calling for a reduction in Goods and Services Tax (GST) on under-construction properties, adjustments in raw material pricing, and recognition of real estate as a crucial economic driver. The real estate sector is hopeful that the government will introduce initiatives to stimulate consumer demand.
Expert Opinions and Insights
Industry experts from Tribeca Developers, Elan Group, and Mapsko Group have expressed optimism towards the upcoming interim budget. They emphasize the need for policies that support technological advancements, address liquidity issues, provide regulatory simplifications, and establish a single window clearance system for government processes. Their expectations underscore the necessity of strategic interventions that will not only encourage growth but also address existing challenges within the sector.
Proposals for Inclusive Growth
Also on the agenda are proposals to increase the qualifying cost for affordable properties, release government-owned lands at reduced rates, and increase tax deductions for home loans. These measures, as voiced by industry leaders, are seen as crucial in promoting inclusive growth and reviving the budget housing segment. The sector highlights the importance of sustained and strategic interventions, such as tax breaks, for steering the real estate sector towards sustained growth and inclusivity.
As the nation awaits the interim budget 2024, the Indian real estate sector stands at a crossroad, hopeful for a budget that will stimulate growth and address its myriad challenges. This budget could set the tone for the sector and the economy at large, ahead of the much-anticipated Lok Sabha 2024 elections.