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Below the quote on Pre-budget expectations Mr. Ajay Chaudhary, CMD, Ace Group,Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group

On behalf or Mr. Ajay Chaudhary, CMD, Ace Group, please find below expectations from the upcoming Interim Budget 2024 for your kind perusal:  "Being the second-largest employment generator after agriculture, the real estate sector plays a crucial role in the country's economy. It is imperative for the government to address the long-pending demand of granting 'Industry' status to the real estate sector in the upcoming Interim Budget 2024. Such a move would not only acknowledge the sector's contribution but also enable it to attract equity investment for refinancing debts and secure loans at lower interest rates, thereby fostering sustainable growth. This step is essential to fulfill the sector's potential as a key driver of economic development and employment generation in the nation. Additionally, we expect the government to introduce policies that streamline regulatory processes, further boosting investor confidence and facilitating industry growth."

On behalf of Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group please find below budget expectations for your kind perusal: "The real estate sector has experienced a positive surge in property sales in 2023, indicating growing confidence in both residential and commercial segments. However, to sustain this momentum, the upcoming Interim Budget 2024 needs to introduce measures that further stimulate growth. Expanding the deduction available for home loans under Section 24(b) to Rs. 5 lakhs would be a significant step, encouraging more middle-class homebuyers to invest in real estate and fulfill their dream of homeownership. Additionally, a reduction in GST on raw material procurement for construction activities is crucial to make housing more affordable."

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