TORBIT BUDGET BYTES 2024

G Hari  Babu, President,Naredco 

The Naredco recommendations like increasing the interest on loans for self occupied property from Rs 2 lakh to 5 lakh, removing Rs 2 lakh limit for setting off house property losses against other income heads, option to pay GST at concessional rate without ITC  or higher GST with ITC, doing away with price cap criteria for affordable homes, will create more conducive environment for both builders and homebuyers, inturn stimulating housing demand.

Ashwin Sheth, Chairman & MD , Ashwin Sheth Group

The real estate sector anticipates policies that enhance transparency, reduce expenses and promote sustainable growth. With the government fortifying affordability in housing and stimulating demand, we look forward to a potential tax reform scheme. The need for policy reorientation, cost reduction and tax rationalisation to drive growth remains paramount to sustaining the upward trajectory of the real estate market.

Shashank Paranjape, MD, Paranjape Schemes (Constructions) Limited

Among other measures to be taken to boost real estate markets, especially in non-metro markets, further deduction in interest on home loans will create a conducive environment for developers. Especially as this will uplift the market sentiment and increase the sales volume as potential buyers will have more resources. There will be improved liquidity and cash flows  to help the developers complete the existing projects on time. Overall, there will be sustainable growth and stability in the real estate market.

Arvind Nandan, MD, Research & Consulting, Savills India

A strong emphasis on infrastructure and innovation to address the housing deficit particularly through schemes aimed at rental housing , is expected in the budget. Adjustments to income tax brackets for individuals earning between Rs 5 lakh and 15 lakh  annually, are expected to enhance the spending power of the  middle class.Further, support for affordable housing sector through reinstated PMAY incentives and GST reforms is foreseen. The budget is likely to sustain focus on sustainable development and green innovation, promoting environment-friendly practices in infrastructure projects.

Nitesh Kumar, MD & CEO, Emami Realty

The budget should increase the scope of affordable housing , provide tax sops to developers focused on affordable housing projects and introduce subsidies for first time homebuyers by raising home loan interest rebate from Rs 2 lakh to 5 lakh. Industry status and single window clearance would help the sector to access cheaper finance and attract more investments. The sector expects the government to fast track the land acquisition  process to ensure timely completion of projects , besides rationalising stamp duty rates to reduce the overall cost of property transactions.

Rakesh Reddy, MD, Aparna Constructions

Ample policy support is essential to bolster demand and enhance overall affordability. Furthermore, infrastructure status to real estate, streamlined approval processes, improved access to funding and rationalisation of GST must be addressed. It is imperative to implement policies that increase tax benefits for housing loans, reduce long-term capital gains tax on real estate investments and extend the reach of affordable housing.