Among other expectations from the realty sector is increasing the maximum limit of deduction from Rs 2 lakh on housing loan interest rates under Section 24 of the Income Tax Act up to at least Rs 5 lakh.
New Delhi: Ahead of the upcoming Interim budget 2024 that FM Nirmala Sitharaman is set to present in February, the real estate sector believes that it will be favourable to all stakeholders, including buyers, developers, and financial institutions.
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“A single window for fast clearance for housing projects is the pressing need of the time, and it should be introduced for holistic developments in the industry,” Amit Mamgain, Director, Yugen Infra Pvt Ltd said.
Pushpender Singh, MD, JMS Group said that in the upcoming budget, Prime Minister Narendra Modi’s vision of ‘Housing for All’ will continue to get priority that will give the much needed supply-side stimulus and boost end-user demand.
“The government is expected to set up a tax relief plan to make housing affordable enough to increase the demand. We hope that the government will also increase the maximum limit of deduction from Rs. 2 lakh on housing loan interest rates under Section 24 of the Income Tax Act up to at least Rs. 5 lakh. A steady and predictable fiscal environment is crucial at this juncture to build on the existing consumer confidence within the real estate sector and therefore, we expect that the interim budget for 2024 maintains the existing tax regime in order to prevent short-term turbulence in the overall housing market,” Singh added.
Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd. said that the industry has pinned high hopes from FM Nirmala Sitharaman seeking transformative measures that will invigorate the Indian real estate sector.
“To alleviate cost burdens, we advocate for a reduction in GST rates on construction materials to the single digit, fostering affordability without compromising on quality. In pursuit of efficiency, we implore the government to institute a Single Window Clearance system, expediting approvals and sanctions. This streamlined process will mitigate bureaucratic hurdles, paving the way for expeditious project execution. Lastly, recognizing the pivotal role of funding in driving growth, we urge the government to cultivate a more congenial funding ecosystem for the real estate industry. We believe these strategic measures will not only fortify the real estate sector but also contribute substantially to the economic resurgence of our nation,” Aggarwal said.
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Chulamas Jipatima (Amy), Country Director, MQDC India said that the co-working spaces sector is hoping for policies that not only promote economic resilience and innovation but also streamline the ease of doing business.
Jipatima said, “As advocates for the entrepreneurial spirit, we hope for tax incentives and announcements that actively encourage startups to set up offices, fostering a culture of innovation and growth.”
