G Hari Babu, National President, National Real Estate Development Council (NAREDCO), said, "The residential and office markets continue to show notable activity, signalling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook.
G Hari Babu, National President, National Real Estate Development Council (NAREDCO), said, "The residential and office markets continue to show notable activity, signalling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook.
G Hari Babu, National President of NAREDCO said, "With steady borrowing costs, home loans become more affordable, which is likely to boost demand in the housing market, especially during the upcoming festive season. This stability allows developers to plan projects confidently, knowing that financing conditions will remain favorable. The RBI’s balanced approach to economic management helps maintain market confidence, reassuring investors amidst global economic uncertainties.
Real estate developers welcome RBI’s decision
The amendment came after the new provision was criticised for raising tax incidence and disincentivizing investments in real estate. Realtors body NAREDCO President G Hari Babu termed it as a balanced approach by the government. "This decision is poised to bring significant relief to property owners and investors who were concerned about the removal of indexation benefits.
However, “stakeholders must closely monitor these geopolitical undercurrents and macroeconomic indicators to adapt their strategies effectively,” said Dr Niranjan Hiranandani, Chairman, NAREDCO.
Realtors body NAREDCO President G Hari Babu termed it as a balanced approach by the government.
"This decision is poised to bring significant relief to property owners and investors who were concerned about the removal of indexation benefits. By providing an option, the amendment addresses the needs of long-term investors who might have otherwise faced a disproportionate tax burden due to the withdrawal of indexation," he said.
Real estate developers have hailed the Union Budget 2024 as a pillar of “Viksit Bharat”. The budget 2024 has not only addressed the housing needs of one crore urban poor and middle-class families but also fostered real estate growth. The announcement of a Public-Private Partnership (PPP) model for rental housing accommodation specifically designed for industrial workers, is aiming to enhance their living conditions.
The Yamuna Expressway Industrial Development Authority (Yeida) on Tuesday said it has selected the expert consultant to prepare a master plan for the development of an urban centre in Agra, along the Yamuna Expressway. Once the master plan for the urban city is final, work will begin on the project which is being executed at a cost of ₹40,000 crore, said officials. The consultant, Tractable Engineering, will take nine months to complete this comprehensive plan and prepare the blue print under the Master Plan-2031.
The announcement in the first Union Budget of Modi 3.0 govt to moderate stamp duty rates for homebuyers and further duty reduction for women buyers are seen bolstering the real estate sector in tier 2 cities and small towns. The stamp duty in urban areas of Madhya Pradesh is 12.5 per cent for men and 10.5 for women. Developers expect the centre's move to moderate stamp duty will drive the real estate market.
