While 2023 might seem like an exceptional year where realty was at its peak, it was actually making up for the loss incurred during the pandemic. And the coming year is the time to reach newer heights. For the 2024-25 budget, there is an urge for the government to introduce tax incentives for first-time homebuyers and reconsider GST implementation on under-construction properties. Such measures are anticipated to lower property rates, supporting demand. The sector to be given an ‘Industry’ status continues to be a central focus. Achieving this will attract more equity investments and facilitate debt restructuring. Additionally, there is a need for the repo rate to be lowered as it will lead to a reduction in home loan interest rates and the home affordability factor can rise. There is a strong emphasis on augmenting investments in sustainable infrastructure under the PM Gati Shakti National Master Plan, which is revolutionizing urban planning and connectivity. Bringing in game-changing factors such as renewable energy and green frameworks for roads, railways, airports, and ports will be a boost to the sector.
“Overall, government intervention in the forthcoming Budget is a crucial opportunity to propel the sector towards the growth trajectory that could bring in a remarkable demand,” says Mr.Sachin Patel, Chief Managing Director of Swaminarayan Group.