January 7, 2024 |
India Budget 2024: Here’s What Real Estate Sector Expects From Union Budget 2024-25 | Et Now Exclusive
In the Budget 2024, which will be presented by Finance Minister Nirmala Sitharaman, the real estate sector eyes on a reduction in GST rates on construction materials, and a single window clearance system for approvals and sanctions, among others. The sector has emerged stronger than ever in 2023. In the previous year, the Indian real estate market experienced significant improvements. The residential segment, notably luxury housing, outperformed itself, attracting the attention of end-users and buyers alike.
The real estate sector plays a significant role in the nation’s economic growth. The sector looks forward to policy interventions that promote sustainable development, encourage foreign direct investment, and streamline regulatory processes. The experts hope that the upcoming budget show transformative measures that will invigorate the Indian real estate sector.
Pradeep Aggarwal, Founder, and Chairman, of Signature Global (India) Ltd. said, “Our foremost expectation is the long-overdue grant of Industry status to the Real Estate sector. This recognition will not only catalyze investments but also streamline regulations, fostering a more conducive environment for sustainable development.” He also urged the government to extend the benefits of Infrastructure status to the affordable housing segment, a move that will significantly boost the sector’s affordability and accessibility, aligning with the nation’s vision of ‘Housing for All.’
“To alleviate cost burdens, we advocate for a reduction in GST rates on construction materials to the single digit, fostering affordability without compromising on quality,” says Aggarwal. He said, “Urge the government to cultivate a more congenial funding ecosystem for the real estate industry. We believe these strategic measures will not only fortify the real estate sector but also contribute substantially to the economic resurgence of our nation.”
Rahul Singla, Director, of Mapsko Group expressed confidence that the government’s fiscal policies will be aligned with the vision of a resilient, robust, and progressive real estate sector. “We seek strategic fiscal measures stimulating demand for homebuyers and developers, addressing liquidity concerns, and simplifying regulations. These actions can revive the market and foster sustainable growth. We also expect policies promoting technological innovation, propelling a digital revolution in real estate, enhancing efficiency, and global positioning,” said Singla.
Vivek Singhal, CEO, of Smartworld Developers said, “The Indian real estate market witnessed robust growth in 2023, marked by new residential launches and record-high home sales. Housing sales in the top seven cities surged to an all-time high of 4.77 lakh units last year. Industry projections indicate a steady 9.2% Compound Annual Growth Rate (CAGR) from 2023 to 2028, highlighting the sector’s stability and potential. As we approach 2024, the market gears up for sustained demand, propelled by various imminent factors. Consequently, the real estate industry has high expectations for the upcoming union budget.”
Source : ET
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