As the Union Budget 2024 draws near, the real estate sector pins hope on getting the much-awaited industry status along with major policy reforms, push for affordable housing sector and tax incentives to strengthen the homebuyers’ sentiments and attract investment to the sector. Experts anticipate several reforms, including a simplified single-window clearance system, tax rebate on housing loan interest and revision in the GST input tax credit rules will further boost the sector

केंद्र में नई सरकार का गठन हो गया है और नरेंद्र मोदी 3.0 सरकार में निर्मला सीतारमण को फिर से वित्त मंत्रालय की जिम्मेदारी सौंपी गई है. नई सरकार के साथ ही वित्त मंत्रालय ने चालू वित्त वर्ष के लिए बजट बनाने की तैयारी शुरू कर दी है. इसके लिए वित्त मंत्रालय के अधिकारी और वित्त मंत्री विभिन्न उद्योग क्षेत्रों के प्रतिनिधियों से मिल रहे हैं. इसी कड़ी में रियल एस्टेट क्षेत्र भी अपनी मांगों को वित्त मंत्रालय के सामने रख रहा है, जिसमें जीएसटी छूट की प्रमुखता है. रियल एस्टेट जगत का मानना है कि जीएसटी छूट का पूरा लाभ अभी नहीं मिल पा रहा है, जिसे सुधारने की जरूरत है.

Lowering the long-term capital gains (LTCG) tax is better than removing indexation benefits. Even after eliminating indexation, a 12.5% tax rate provides a much better benefit, said a real estate expert. "Suppose you want to purchase property now and sell it after exactly 25 months. What is the indexation available for you? Very minimal. But if they reduce the tax rate by 12.5%, and you calculate the indexation  for two years, it is nothing. So the reduction of tax by 12.5% is much bigger. You have to see both of these scenarios.

The Union Budget 2024 stands as a landmark in India’s fiscal history, epitomising an ambitious yet calculated blueprint designed to catapult the nation into a new era of economic prosperity. Industries have responded with widespread approval, lauding the government’s foresight and meticulous sectoral planning.

Presenting her seventh consecutive Budget, Union Finance Minister Nirmala Sitharaman on July 23 announced a special financial support package of ₹15,000 crore for development of Andhra Pradesh’s new capital city during the financial year 2024-25.

“Recognizing the state’s need for a capital, we will facilitate special financial support through multilateral development agencies. In the current financial year ₹15,000 crore will be arranged, with additional amounts in future years,” Sitharaman said during her Budget speech.

Nirmala Sitharaman, minister of finance, presented the union budget 2024-2025 in Lok Sabha on July 23, 2024. Presenting her seventh straight budget, Sitharaman said, India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent.

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As the union budget 2024 draws near, the real estate sector pins hopes on major policy reforms and budget allocation to boost affordable housing and homebuying sentiments.

Experts anticipate, several reforms including industry status for the sector along with a simplified single window clearance system.

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Real estate developers’ body the National Real Estate Development Council (NAREDCO) has suggested that the finance minister consider increasing the tax exemption on interest on self-occupied property loans to ₹5 lakh from the current limit of ₹2 lakh to augment housing demand and sought tax incentives from the government to boost supply of affordable housing stock.

It has also recommended that the government come up with the second tranche of the Special Window for Affordable and Mid-housing (SWAMIH) Fund.

India’s booming real estate sector is seeking a slew of reforms from the NDA government in the upcoming union budget to keep the demand momentum alive amidst concern that an exorbitant rise in property prices may dampen the sentiments. Finance Minister Nirmala Sitharaman is set to present the FY24-25 Budget on July 23rd. Industry body for developers NAREDCO has demanded the launch of the second phase of the Special Window for Affordable and Mid-Income Housing (SWAMIH) with a corpus of Rs 50,000 crore in FY24-25 to revitalize the affordable housing segment.

Realtors' body NAREDCO on Tuesday suggested that the tax exemption on interest on self-occupied property loans should be increased to Rs 5 lakh in the upcoming budget from Rs 2 lakh currently to boost housing demand amid a rise in housing prices and mortgage rates. Builders also sought some tax incentives to boost demand and supply of affordable homes.

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