Real Estate Regulatory Authorities (RERA) of various states and Union Territories (UTs) resolved 1,24,947 consumer cases as of July 1, 2024, as per the Economic Survey 2023-24. The survey also noted that, except for Nagaland, all other states and UTs in India have implemented regulations under the Real Estate (Regulation and Development) Act, 2016. Nagaland is currently in the process of finalising its regulations. As of July 1, 2024, more than 1,30,186 real estate projects and 88,461 real estate agents had been registered under RERA.

Finance Minister Nirmala Sitharaman on July 23 said the government will allocate Rs 15,000 crore in FY25 and future years to develop the capital city of Andhra Pradesh and the state's infrastructure. "Our government has made efforts to fulfill the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years," Sitharaman said while presenting the Union Budget 2024.

Middle-income homeowners are likely to face the biggest brunt of Finance Minister Nirmala Sitharaman’s decision to do away with the indexation benefits on real estate transactions, announced in her Budget speech on July 23. This implies that real estate owners selling their property will no longer be able to adjust their purchase price using inflation, thereby reducing their capital gains.

The government on July 23 brought units of listed business trusts -- REITs and InvITs -- at par with listed equity shares while calculating long-term capital gain tax, a move that will foster a more agile investment environment. According to the Union Budget document, the government has reduced the holding period for determining long-term capital gains for business trusts from 36 months to 12 months. "Thus units of listed business trust will now be at par with listed equity shares at 12 months instead of earlier 36 months," the document noted.

The Noida Authority has decided to raise land allotment rates by six percent in all categories except the commercial and corporate house plots making land costlier in the city, officials aware of the matter said. The rates are being raised due to rising inflation. Currently, the Authority has around 50 land parcels measuring approximately 17,500 square metres (sqm), across categories A, B, and C for residential use.

In a bid to capitalize on the booming demand for home ownership amongst upper middle-class and rich Indians, several real estate developers have recently concluded a flurry of land deals in Bengaluru. However, despite a slew of projects set to be launched in the near-future, sectoral experts do not foresee a moderation in housing prices in the market. “If you compare prices in the same quality of housing across metros like MMR and NCR, Bengaluru still commands amongst the lowest.

The Rail Land Development Authority (RLDA) of Indian Railways has initiated the bidding process for the lease and redevelopment of the Boulevard Road Railway Colony in Delhi. Spanning approximately 2.156 hectares, the site boasts a prime location near Tis Hazari Metro Station and the Rani Jhansi Flyover along Lala Hardev Sahai Marg/GT Karnal Road. The lease, set for 99 years, carries a reserve price of Rs 318 crore, offering a substantial Floor Area Ratio (FAR) of 16,176.26 sqm.

India's ambitious goal of becoming a developed nation by 2047 integrates a vision of economic growth, sustainable development goals, ease of living, ease of doing business, infrastructure, and social welfare. India’s real estate sector plays a significant role in India's economy and contributes to the country's Gross Domestic Product (GDP) through various channels contributing approximately 7.3% to the country's GDP.

The time difference between launch and completion of residential projects between 2014 and June 2024 has reduced by around 20 percent to 4.9 years across seven major housing markets, compared to projects that began between 2010 and 2019, according to a report. However, even after a 10 percent drop in time taken, properties launched in Kolkata between 2014 and Jan-June 2024 saw an average of 5.7 years for project completion, a report from the real estate consultancy Anarock showed.

In a bid to capitalize on the booming demand for home ownership amongst upper middle-class and rich Indians, several real estate developers have recently concluded a flurry of land deals in Bengaluru. However, despite a slew of projects set to be launched in the near-future, sectoral experts do not foresee a moderation in housing prices in the market.