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Below the Quote on Real Estate Industry's Expectation from Upcoming Budget by Amit Goyal, Managing Director, India Sotheby`s International Realty

In its recent Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) projected a GDP growth rate of over 7%. Maintaining this growth rate in a year when several global economies are struggling should be a major focus of the upcoming Union Budget.

With the NDA government returning to power for the third consecutive term, we anticipate a bold, growth-oriented budget that charts a plan for the next five years. We expect announcements that will encourage capital investments and increase foreign direct investment (FDI) inflows into India. In the real estate sector, it is crucial to sustain demand for homes, as housing acts as an accelerator for over 200 ancillary sectors.

One significant measure that has been pending for a long time and would benefit both the industry and home buyers is the introduction of a standalone deduction for home loan principal repayment, along with raising the tax breaks on the interest amounts of home loans from Rs 2 lakh to Rs 5 lakh. This move would help mitigate the impact of increased home loan EMIs and provide much-needed relief to home buyers. There is no better time than now to implement this change, which would provide much-needed relief and stimulate growth in the housing market

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