As India gears up for its interim budget presentation on February 1, 2024, anticipation mounts across various sectors, including real estate. With Finance Minister set to present her sixth budget, stakeholders in the real estate industry are closely eyeing potential measures that could impact their domain. This budget assumes particular significance as it precedes general elections later in the year.

 

Stimulating Housing Demand:

Chairman of a Real Estate Group emphasizes the need to boost the housing market, especially the budget homes segment. He suggests increasing the tax rebate on home loan interest rates and addressing land shortages for affordable housing.

 

Affordable Housing Segment:

Co-Founder of a major Realty, advocates for revising the credit link subsidy scheme’s cap to make homes more accessible, particularly in metro cities.

 

Government Support for Affordable Housing:

Another Real estate developer underscores the importance of making affordable housing universally accessible, urging the government to provide relief measures for home buyers.

 

Industry Recognition and Investments:

A leading Real Estate conglomerate stresses the sector’s long-standing request for recognition as an “Industry,” which could attract investments and facilitate restructuring of debts.

 

Infrastructure Investments:

Projects Management company acknowledges the government’s efforts in revitalizing the economy through strategic reforms and calls for sustained benefits for developers and consumers.

 

First-Time Home buyers’ Access:

A Real Estate developer highlighted the importance of enhancing first-time home buyers’ access to affordable housing and suggests revisions in the credit link subsidy scheme.

 

Affordable Housing Initiatives:

President of Real Estate Development Council, Maharashtra, proposes increasing the cap for interest rate deduction and redefining affordable housing to boost both affordable and mid-segment housing.

 

Incentivizing Rental Housing:

A leading international property consultant company suggests incentivizing rental housing for the low-income segment by introducing exemptions for rental income on properties up to a certain value.

 

Tax Revisions and Streamlining Processes:

A leading real estate web company calls for revisions in long-term capital gains tax on property and streamlining processes to enhance the attractiveness of Real Estate Investment Trusts (REITs). As the real estate sector pins its hopes on the upcoming budget to address key concerns and provide a conducive environment for growth, stakeholders eagerly await FM ‘s announcements on February

 

 

Source: business-standard.com