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Below the Quote on Pre budget expectation on Real Estate by Nishka Choraria, Vice President of Marketing at Crest Ventures Limited

As we approach the announcement of the Union Budget for 2024-25, the real estate sector stands at a critical juncture. As a cornerstone of our economy, this industry plays a vital role in generating employment and significantly contributing to the GDP. Its continued expansion is essential for sustained economic progress and national development.

At Crest, our real estate vertical of Crest Ventures Limited, we have consistently dedicated our efforts to enhancing the real estate landscape through architectural innovation, functionality and a consumer-first approach. We eagerly anticipate measures in the forthcoming budget that will provide further support and stimulus to this dynamic sector, fostering growth and stability for the benefit of all stakeholders and clients.

The past year has seen remarkable advancements in the real estate market, driven by positive market sentiments, economic expansion, and urbanization. The desire for homeownership remains robust among consumers, with residential sales reaching new heights. This upsurge is a testament to the sector’s resilience and its critical role in the nation’s economic framework.

This year, we hope to extend beyond the usual calls for single-window clearance and industry status. We look forward to comprehensive fiscal measures that will address key challenges and stimulate growth. Critical areas needing attention include enhancing infrastructure development, improving access to affordable housing finance, and implementing policies that support sustainable urban planning. Additionally, easing regulatory burdens and offering tax incentives can significantly boost investor confidence and attract more capital into the sector.

Raising the deduction limit for interest payments on home loans from the current Rs 2 lakh to Rs 5 lakh would significantly boost housing demand. Reducing GST on under-construction properties and adjusting raw material pricing are also crucial steps that can make homeownership more affordable for a larger section of the population.

Reducing the maximum tax rate of 30% could also significantly enhance individual purchasing power, making it easier for more people to invest in real estate. In addition, the budget can aim to provide personal tax relief, either through lower tax rates or by readjusting tax slabs, which is crucial in the current economic climate.

The definition of affordable housing can also be expanded to include a broader range of homebuyers. By doing so, we can increase the accessibility of housing benefits, thereby boosting end-user demand. Providing income tax relief on a second home and rationalizing long-term capital gains would prove advantageous for homebuyers and stimulate the market, contributing to a more sustainable ecosystem. Additionally, offering tax exemptions on rental income would encourage greater investment in residential real estate, fostering a more robust and diversified market.

Another crucial aspect is advocating for announcements that improve the ease of doing business for developers. Simplifying regulations and addressing liquidity concerns are essential steps in creating a favorable climate for real estate investment. Strategic fiscal measures should aim to stimulate demand among both homebuyers and developers, ensuring the industry’s resilience and continued growth.

On the marketing front, we have seen firsthand the impact of cutting-edge innovation and strategic positioning on project success. Our recent launch, Crest Oaks in Marol, has redefined luxury living through meticulous design, in-depth planning, and flawless execution. This landmark project epitomizes our commitment to excellence and innovation in creating upscale residential spaces.

For our upcoming projects in Bandra and Dadar, we have meticulously orchestrated each marketing phase, tailoring each one to the specific type of project and its audience, to maximize visibility and engagement. These efforts highlight our dedication to creating vibrant communities that provide unique lifestyle experiences.

At Crest, we are optimistic about the future and confident that the forthcoming Union Budget will incorporate measures supporting the growth of the real estate sector, enabling us to continually deliver value to our stakeholders and clients alike, and contribute to the broader economic development of the country.”

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