Budget expectations quote Mr Yashank Wason - Managing Director, Royal Green Realty

"To lift the living standards of fellow countrymen, the need is for a differentiated approach to taxation for luxury properties, such as reduced Goods and Services Tax (GST) rates or exclusive tax benefits for high-value homes. We wish the government to focus on incentivizing luxury real estate development to stimulate growth and investments in this niche market.

Luxury real estate is associated with prime locations and upscale amenities. We expect budgetary allocations towards infrastructural enhancements in premium areas, such as improved connectivity, better roads, and advanced civic amenities. Previous expectations included increased investments in urban infrastructure to elevate the overall appeal of luxury projects. The industry is keen on continued government support for enhancing the infrastructure surrounding high-end real estate developments.

Talking of the commercial segment, the need is more clarity and favourable regulations related to Real Estate Investment Trusts (REITs). Expectations include measures to simplify compliance requirements, reduce taxation hurdles, and attract more investors to participate in REITs. Overall, the commercial real estate sector needs policy measures that recognize its importance in fostering economic activity, encouraging innovation, and addressing the changing dynamics of the modern workplace.

With an increasing emphasis on sustainable development, we are also anticipating measures promoting green building initiatives and sustainable practices. In previous budgets, there have been expectations for incentives like tax breaks for environmentally friendly projects and the promotion of green building certifications."