Budget 2024: Real estate looks for policy boost, tax sops for homebuyers

financialexpress.com:

The Indian real estate industry has achieved remarkable growth figures in recent quarters. As the Union Budget 2024 approaches, there is optimism within the sector for significant reforms to be announced. Through the allocation of resources and the implementation of favorable policies, the government has the power to accelerate the growth of this industry, leading to job creation and economic stimulation.

Developers are eagerly anticipating the budget announcements and have expressed their essential requirements, which, if met, will contribute to shaping the trajectory of the sector in the upcoming fiscal year.

“As the real estate sector eagerly anticipates the 2024 Union Budget, we hope to see policy measures that foster sustainable growth and address key challenges facing the industry. This sector plays a pivotal role in the economy, contributing significantly to employment and GDP. We urge the authorities to not forget initiatives to facilitate employment, facilitate regulatory approvals and encourage funding in low-priced housing. Supportive regulations will no longer simply encourage investor confidence but additionally facilitate important infrastructure,” says Shiwang Suraj, Founder & Director, InfraMantra.

Furthermore, measures are needed to boost cash flow within the quarter, together with mitigation of cost burdens and enhancement of tax sops for homebuyers. These steps can stimulate calls throughout broader segments of society to ensure housing availability.

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Moreover, as the demand and supply for affordable homes have shown fluctuating trends over the last three years across major Tier I and Tier II cities, the upcoming budget should focus on