Pre-budget expectations from industry experts as below:

Ajay Chaudhary - CMD of Ace Group

“We look forward to several long-awaited positive steps for the real estate sector in the upcoming budget 2024. The sector is in dire need of tax breaks, single-window clearance, and reduction in stamp duty. Also, reduced GST rates applicable on construction materials and a revision in the GST input tax credit rules can stimulate overall market activity and transparency, benefiting both developers and buyers. At the same time, enhanced budgetary allocation for improving connectivity and upgrading infrastructure in premium locations is necessary to encourage luxury real estate development. These measures will stimulate growth and attract investments in this niche market.

Dr. Gautam Kanodia - Co-Founder, Kanodia Group

"We are hopeful that the upcoming Union Budget will grant the much-awaited industry status to the real estate sector. This move could significantly boost investment in this sector which contributes approximately 7.3% to the country’s GDP. We also expect targeted tax incentives in this budget along with the revival of schemes like the Credit-linked Subsidy Scheme (CLSS) to stimulate demand and make housing accessible for all-income groups."