Real Estate experts' quotes on the upcoming 2024-2025 Interim Budget
Vivek Singhal - CEO, Smartworld Developers
"The Indian real estate market witnessed robust growth in 2023, marked by new residential launches and record-high home sales. Housing sales in the top seven cities surged to an all-time high of 4.77 lakh units last year. Industry projections indicate a steady 9.2% Compound Annual Growth Rate (CAGR) from 2023 to 2028, highlighting the sector's stability and potential. As we step into 2024, the market is gearing up for sustained demand which is propelled by various imminent factors. Consequently, the real estate industry has high expectations for the upcoming union budget. The industry seeks a favourable industry status for the housing sector and emphasizes the necessity of maintaining single-window clearance for housing projects, both of which continue to remain significant this year. There is optimism surrounding anticipated policy changes, such as potential reductions in Goods and Services Tax (GST) rates and efforts to reconcile material prices. Additionally, expectations revolve around prospects for tax relief and amplified deduction limits on home loans. The upcoming budget holds promise, appealing to both millennials and savvy investors with its potential offerings."
Kunal Rishi - COO, Paras Buildtech
"Stepping into 2024, the real estate sector is poised for further growth and innovation, making the forthcoming budget an eagerly awaited milestone in our industry's journey. With its significant contribution of around 8% to the GDP and status as a major employment generator, the urgency for policy support in this budget cannot be overstated. The reliance of over 200 ancillary industries on the health of real estate underscores the profound impact of reinforcing our sector. Granting industry status to real estate is a long-awaited catalyst, fostering an environment conducive to sustained growth. Initiatives like single window clearance, tax breaks, and GST rationalization will not only stimulate our sector's growth but also generate positive effects throughout interconnected industries. We call upon governing bodies to champion these reforms as they hold the key to invigorating demand, reducing costs, and propelling the real estate sector to greater heights, ultimately contributing to a more dynamic economic landscape for our nation."