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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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. NAREDCO noted that under Section 24 of the Income Tax Act, the deduction allowed on interest on loans for self-occupied property is limited to Rs 2 lakh

वित्त वर्ष 2024-25 के लिए पूर्ण बजट 23 जुलाई 2024 को वित्त मंत्री निर्मला सीतारमण पेश करेंगी जिलमें अब एक हफ्ते से भी कम समय बचा. बिल्डरों के संस्था (National Real Estate Development Council) ने बजट को लेकर वित्त मंत्री को रियल एस्टेट से जुड़ी मांगों की फेहरिस्त सौंपी है जिसमें बजट में ऐसे कदम उठाने की मांग की गई है जिससे रियल एस्टेट सेक्टर (Real Estate Sector) के ग्रोथ को बढ़ावा दिया जा सके और सरकार के हाउसिंग फॉर ऑल (Housing For All) के लक्ष्य को हासिल किया जा सके.

The real estate sector has put up various demands ahead of the Union Budget to support and grow the sector in India. The National Real Estate Development Council (NAREDCO) has put forth several recommendations for the sector.

The body stated that these recommendations aim to address existing challenges and stimulate growth in the real estate sector, ultimately contributing to the government’s goal of ‘Housing for All’.

NAREDCO proposes key tax reforms in Union Budget to boost Indian real estate sector to support and grow the sector in India. The National Real Estate Development Council (NAREDCO) has put forth several recommendations for the sector.

The body stated that these recommendations aim to address existing challenges to stimulate growth in the real estate sector, ultimately contributing to the government's goal  of 'Housing for All'.