Union Budget 2024: Budget expectations by Anuj Munot, UrbanWrk
Below the Quote on Budget Expectations from Anuj Munot, CEO & Founder – UrbanWrk
“2023 was a bumper year for Indian real estate with 2024 expected to be bigger and better. The Indian Real estate market in 2023 was worth approx. $ 265 Billion and NITI Aayog forecasts a remarkable trajectory for the Indian real estate sector. It is projected to reach a market size of $1 trillion by 2030, constituting 13 per cent of India's GDP by 2025.
Desirable elements in the Indian budget for the real estate sector should include measures promoting affordable housing, incentives for sustainable and eco-friendly construction, simplification of regulatory processes, establishment of a single-window clearance system, and initiatives to boost infrastructure development. Additionally, tax reforms and financial support to first time homebuyers could enhance the overall stability and growth of the real estate market. The co-working/flex workspace industry has been gaining momentum with rising demand, with major enterprises and corporations having shifted their focus to co-working/flex workspace industry, aligning with the adoption of the hybrid work model to cater to their organisational needs. With the Indian economy shining, in an otherwise gloomy global picture, growth has been stable and fundamentals strong, governments push to sustain and grow this further, would be a biggest support to the co-working/flex workspace industry. When the corporate world does well, we do well. Some policy measures sought for in the upcoming budget is having a lower goods and services tax (GST), and TDS.”
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