As Union Finance Minister Nirmala Sitharaman gears up to present the Interim Budget on February 1, stakeholders in the real estate sector are optimistic about positive impacts. With the sector’s resilience in FY 2023-24, sales returning to 90% of pre-COVID levels, expectations are high for government initiatives. The sector’s projected contribution to India’s GDP rising from 6-8% to 13% by 2025 highlights its significance.
Affordable housing is a key focus, with industry leaders like Bonito Designs CEO Amit Parsuramka emphasizing the potential positive impact on the home interior and real estate market. Support for affordable housing and low home loan rates is expected to be a boost.
MAIA Estates Founder and CEO Mayank Ruia stresses the need for policy initiatives benefiting both homebuyers and developers. Simplifying capital gains tax provisions, reinstating input tax credit for real estate, and reducing GST rates on construction materials are among the crucial expectations for a robust and sustainable real estate industry.
