What Budget 2024 holds for the Indian real estate sector?
2023 proved to be a remarkable year for the Indian real estate sector, for both residential and commercial segments. The real estate bull run has been propelled by heightened demand and impressive absorption rates. Now, poised at the cusp of a new fiscal year, the real estate landscape looks towards the budgetary announcements to sustain and amplify the positive trajectory witnessed in 2023.
Let’s delve into the nuanced expectations that cast the spotlight on the transformative potential of the Union Budget for 2024 in navigating the evolving dynamics of the real estate industry.
Redefining Affordable Housing: The definition of affordable housing should change across cities. The current cap of Rs 45 lakhs is not sufficient for major cities. It has become very difficult to find a property within Rs 45 lakhs. The government should increase the cap to at least Rs 60-65 lakhs, allowing more people to take advantage of the incentives for affordable housing. Especially, in cities such as Mumbai, where the property values are already exponentially high, this cap should be increased to at least Rs 85 lakhs. This move would likely bring more homes within reach of buyers, aligning with the government’s efforts to promote affordable housing.
Also Read: Ram Mandir spurs realty boom in Ayodhya – Should you invest now or wait?
Streamlining Processes: One of the critical needs of the real estate sector is the establishment of a single window for all transaction processes. Currently, navigating through over 30 approvals from various state and union government authorities is a daunting task for builders. The implementation of a single-window clearance system is crucial for expediting project approvals, reducing delays, and enhancing
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