Union Budget 2024: Developers seek budget boost for real estate
The Indian real estate sector has registered record-breaking growth numbers in 2023. Now, with the Union Budget 2024 around the corner, the real estate sector is hopeful of transformative reforms to be addressed in the announcements. By allocating resources and implementing favorable policies, the government has the potential to catalyze this sector, fostering job creation and stimulating economic activities.
The developer community is keenly awaiting the budget announcements while expressing their key demands which, if fulfilled, will help further shape the sector’s trajectory in the upcoming fiscal year.
S K Narvar, Group Chairman, Trident Realty, says, “The budget should include a fiscal stimulus and personal tax relief by increasing the tax rebate on home loan interest rates from Rs 2 lakh to Rs 5 lakh. This will be a significant boost for millions of first-time homebuyers. In addition, the industry hopes that the government will address long-standing demands such as single window clearance and granting industry status to the real estate sector. If real estate is given industry status, developers will have easier access to loans with lower interest rates and easy financing options from institutional investors. This will be a great incentive for the developer community.”
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He further says, “Another key area for the government to consider in the Union Budget is to continue focusing on Tier 2 & Tier 3 cities and to provide more infra development funds to ensure that a larger number of projects in these cities benefit. The government should consider revising the definition of affordable housing, both in terms of value and size, to cater to a large population
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