Finance Minister Nirmala Sitharaman’s upcoming 2024 budget holds promise for the real estate sector, a critical economic driver providing extensive employment and GDP contribution. Anticipated reforms could bolster this thriving sector, further fueled by positive market sentiments, economic growth, urbanization, evolving lifestyles, higher disposable incomes, improved job prospects, business expansion, and supportive government policies. The budget is expected to introduce measures enhancing growth and stability in India’s dynamic real estate market.
Basis that please find below the pre-budget expectations from Avneesh Sood, Director of Eros Group for your reference.
“As we anticipate the Union Budget 2024-25, the real estate sector is poised with cautious optimism under the Modi 3.0 regime. While industry status for real estate and revived incentives for affordable housing remain key expectations, a nuanced approach is crucial. Beyond fiscal incentives, the budget should focus on enhancing transparency and efficiency through a robust regulatory framework and streamlined approvals process. Introducing innovative financing mechanisms, such as green bonds tailored for sustainable urban development, could align economic growth with environmental stewardship. Moreover, there’s a pressing need to revisit GST input tax credit rules to mitigate cost burdens and bolster market transparency. Emphasizing digital infrastructure and smart city initiatives will not only modernize urban living but also attract foreign investment. By prioritizing these measures, the government can catalyze a resilient recovery in the real estate sector, fortifying its role as a cornerstone of economic growth and employment generation in the post-pandemic era”.