Pre-budget expectations quote from The Bennet & Bernard Company

Lincoln Bennet Rodrigues - Chairman and Founder, The Bennet & Bernard Company

"In the last couple of years, there has been a steady growth in the housing sector, especially in the luxury second home segment. To maintain this growth and even expedite it, reconsidering the tax slabs will be a good start. Also, to attract more fund infusion to the sunrise sector, the GOI should introduce a single-point solution for the NRIs to have a hassle-free buying experience.

Reducing carbon footprints is the current goal for many. When it comes to homes and second homes, people want to invest in a more environmentally friendly home. The WFM (work from home) culture is contributing highly to investing in second homes in semi-urban and rural areas. Since the hybrid work culture has cut down on travel expenses and the need to stay longer hours at the office, the younger generation with additional disposable income does not mind spending money and time to convert their house into a sanctuary that reflects their taste in aesthetics. So, the GOI can afford some concessions to these buyers.

The demand for luxury homes is expected to grow 5%-8% YOY for the next five years. GOI needs to take proactive initiatives to address the basic issues to ensure the segment helps the Indian economy reach its desired goal by 2030. However, it will be interesting to see how the GOI is planning to accelerate the completion of infrastructural developments in various metro and tier-2 cities, whether it's metro lines, flyovers, broadening of highways, underwater railway lines, etc., as the connectivity to the urban cities becomes one of the crucial factors while buying houses in semi-urban and rural areas by a white-collar workforce."