Interim Budget 2024: Will FM address land acquisition hurdles and bureaucratic bottlenecks plaguing stalled projects?
Budget 2024 on February 1, expected to balance populist measures and fiscal prudence. India must simplify land purchase policies and digitize records to prevent complex acquisition processes from derailing projects, suggested Suren Goyal, partner at RPS Group. Rationalizing taxes, funds access, and compliance rules will also assist developers in mitigating risks from related uncertainties, he added.
The 2024 budget should implement digitized approval systems, mandated timelines, and transparency in departmental processes to ease blockades in the Indian real estate sector, said LC Mittal, Director at Motia Group. “Bureaucratic red tape has long plagued Indian realty, significantly slowing project deliveries. The 2024 budget should implement digitized approval systems, mandated timelines, and transparency in departmental processes to ease blockades.
These overdue reforms will lift builder sentiment and prevent discontinuation of capital-constrained projects," said LC Mittal. Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here Faster environmental clearances, easier land aggregation routes, and transparency in tax/registration procedures can give India's stressed property sector a new lease of life, said Gurmit Singh Arora, National Prеsidеnt, Indian Plumbing Association.
“The budget should ease funding access and compliance loads for builders while upholding quality norms. Structural changes alleviating policy hurdles will resuscitate stalled projects and reaffirm realty’s economic engine role," added Gurmit Singh. “Rationalising archaic laws around land acquisition and ownership transfers alongside digital registries will
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