Perspective on Real Estate Budget 2024 Expectations by Amit Jain, Chairman & Managing Director, Arkade Developers
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Below the Perspective on Real Estate Budget 2024 Expectations by Amit Jain, Chairman & Managing Director, Arkade Developers
“As the real estate sector evolves with innovative technologies and tailored infrastructure, it is crucial for the sector to have an ‘Industry status’ in the Modi 3.0 budget 2024. It is also critical to include the real estate industry in the GST under a one-nation, one-tax framework. The sector is crucial to the economy, accounting for around 8% of total GDP. It is also the second largest employer after agriculture, and over 200 auxiliary industries rely on it. As a result, the government should take proactive measures to increase demand, rationalize costs, and minimize regulatory bottlenecks. While residential real estate is experiencing a significant surge with historic high numbers, additional tax relief for individuals is essential to combat rising inflationary pressures. This can potentially be accomplished by increasing the deduction for interest on home loans from INR 2 lakhs to INR 5 Lakhs. The current surge in interest rates has resulted in higher Equated Monthly Installments (EMIs) for homebuyers, limiting fund utilization, thereby limiting the potential of the sector at large.”
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