Pre-budget Story: Quote by Prudhvi Reddy

Prudhvi Reddy- Founder & CEO, Assetmonk

“Looking forward to the upcoming budget, we are optimistic about positive developments in both the commercial and residential sectors, especially banking on the expected exemption in home loan interest rates that could make owning a home much more accessible.

We anticipate GST benefits for long-stay formats like Co-living, Senior Living, and Student living in the hospitality industry, which could be a real boost for growth in that sector.

We also expect a boost in affordable housing solutions to help reach a broader spectrum of individuals. Granting infrastructure status to commercial real estate can provide access to long-term funding at a more affordable rate, including foreign currency funding through the external commercial borrowing route, infusing substantial energy into the market.

Extending tax benefits to specific asset classes within commercial real estate will also encourage a push for increased investment with more retail participation. Introducing a single window clearance mechanism for project approvals shall be a practical measure that could streamline processes and foster development.

In terms of commercial properties, the proposal to enhance deduction limits for repair and maintenance expenses, along with depreciation rates, would be a positive step.”