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Union Budget 2024: Real Estate Sector Expectations
With Union Budget 2024 just a few days away, there is immense expectation in the Indian realty sector. This key industry, intrinsic to the country's economic growth, has a set of expectations that may just transform its future. In this blog news at Landkhoj.com let us understand what all changes this sector is looking forward to in these critical areas:
GST and Interest Rate Reductions–
• The existing GST rates are viewed to be a bane on both buyers and developers.
• The industry demands lower GST, more so for under-construction properties.
• It wants a cut in interest rates to make home loans affordable in a bid to push demand and revive stuck projects.
Balanced Budget: Affordable Housing Push–
• Pressure for 'Housing for All' continues.
• More tax benefits likely to be given to affordable housing projects.
• The PMAY scheme may be extended.
• All these to turn the home ownership dream into reality for more Indians.
Sustainability Focus–
• Growing awareness about eco-friendly construction practices.
• Incentives on green building materials and technologies.
• Possible tax breaks for builders and developers applying sustainable development techniques.
• Alarms with global climate goals and lures green buyers.
Infrastructure Development Priority–
• Increased spending on urban infrastructure.
• Good roads, public transport, utilities for real estate growth.
• Focus on smart city projects and its impact on surrounding areas.
• Could open up new areas for development and increase property values.
Industry Status for Real Estate–
• A long-standing demand of developers and industry bodies.
• Easier access to bank loans at lower rates of interest.
• More foreign investment and institutional funding may be attracted.
• Completions of Projects may be hastened and home prices may fall.
Boost to Rental Housing–
• Rental accommodation is badly needed in urban areas.
• Anticipation of a tenant-friendly rental law.
• Tax sops for landlords for encouraging the rental market.
• Housing shortage in big cities may be overcome.
The expectations of the realty sector from Budget 2024 reflect its importance in India's economy and the issues it faces. By addressing these key areas, the government could potentially unlock significant growth in the sector that benefits not just the developers and buyers but the entire economy.
In other words, as we wait for the Budget, it is amply clear that any positive move shall be felt far and wide—from making homes more affordable to generating employment and thereby contributing to overall economic growth. The coming weeks thus remain to be seen to show how well the government has balanced these industry expectations with broader economic goals.
