At a time when India is facing economic challenges due to global hurdles, a weak rupee and slowing consumption, the real estate and housing industry is pitching for more incentives, citing that the real estate sector can be a growth harbinger for the country.
As the Union Budget looms, the real estate sector in India is voicing its demands for transformative changes to revive affordable housing, streamline regulations, and boost market demand. Key expectations from industry leaders include tax reliefs, increased funding, and the granting of industry status to real estate.
The National Association of Real Estate Developers Organisation (NAREDCO), representing real estate developers, has urged the Maharashtra government to reduce stamp duty to 3% for a year to boost property transactions.
The body has also asked the government to incentivise homebuyers who purchase property in certified green buildings and to keep the land rates in ready reckoner rate unchanged in the financial year 2025-26.
The gleaming glass facades of luxury apartments in Mumbai’s skyline tell only half the story of India’s real estate market. Behind this veneer of prosperity lies an uncomfortable truth: millions of middle-class Indians are being priced out of their dream of homeownership, creating a silent crisis that threatens the nation’s social fabric.
As the Union Budget looms, the real estate sector in India is voicing its demands for transformative changes to revive affordable housing, streamline regulations, and boost market demand. Key expectations from industry leaders include tax reliefs, increased funding, and the granting of industry status to real estate.
Andhra Pradesh Chief Minister N Chandrababu Naidu announced on Friday that the development works for Amaravati, the state's capital, will resume with a substantial investment of Rs 50,000 cr.
Chief minister N Chandrababu Naidu on Friday said they are moving ahead with the ‘Build AP' slogan and are firm in encouraging the construction sector which was completely demolished in the five-year destructive rule of YSRCP. He said he attended the NAREDCO property exhibition only to show his govt's commitment to boost the real estate sector.
In a bid to boost the construction sector in Andhra Pradesh, Chief Minister Nara Chandrababu Naidu emphasized the pivotal role this industry plays, noting that approximately 34 lakh people depend on it for their livelihoods. During the inauguration of the NAREDCO Property Show in Guntur, Naidu highlighted the government's efforts to rejuvenate the sector, which he described as a "continuous process" essential for the state's economic development.
In December, property registrations within Mumbai's city limits experienced a slight increase, reaching 12,415 units, up from 12,285 in the same month the previous year. This uptick can be attributed to stronger housing demand, according to Knight Frank India. Residential properties made up a significant 80% of the total registrations for the month of December. Looking at the bigger picture, property registrations in Mumbai for the entire year of 2024 surpassed 141,000 units, compared to just under 127,000 in 2023.
As the Indian real estate sector undergoes transformative changes, driven by evolving consumer expectations, technological advancements, and government initiatives, collaboration between developers, policymakers and stakeholders will be essential to address the growing demand for quality housing, sustainable practices and cutting-edge technology in 2025, according to industry experts.
