Authored by: Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.
As we approach the upcoming budget, the real estate sector is optimistic about reforms that can act as growth catalysts and enhance operational efficiency.
Revising the current tax exemption limit on housing loans to ₹5 lakhs, in line with rising property prices and construction costs, could provide significant relief to homebuyers. This step would directly support millions of aspiring homeowners and boost demand across the sector.
Equally transformative would be granting industry status to real estate, a move capable of invigorating over 200 allied sectors. Such recognition would foster job creation, enable skill development, and amplify economic activity, further solidifying the sector’s position as a cornerstone of India’s economy.
The real estate industry is poised to play a defining role in India’s journey toward ‘Viksit Bharat 2047.’
Strategic reforms, such as adjustments to GST input tax credit regulations, could reduce developers’ tax burdens, potentially stabilizing property prices and making housing more accessible. Additionally, introducing a ₹5 lakh subsidy for housing loans up to ₹1 crore would offer crucial financial support to urban and semi-urban homebuyers.
Broadening the definition of affordable housing to include properties priced up to ₹1 crore would align with evolving market dynamics and strengthen the government’s vision of ‘housing-for-all.’
These reforms, if implemented, could unlock tremendous potential, propelling the sector toward sustainable growth while contributing significantly to the nation’s development goals.”