Budget 2024 Expectations: One of the experts said the real estate sector seeks strategic fiscal measures stimulating demand for homebuyers and developers, addressing liquidity concerns, and simplifying regulations.
Budget 2024: As Union Finance Minister Nirmala Sitharaman is all set to present Budget 2024 on February 1, 2024, the real estate sector expects economic recovery and growth from the Central government. Talking to India.com, several industry experts said they look forward to policy interventions that promote sustainable development, encourage foreign direct investment, and streamline regulatory processes.
Promote Sustainable Development
Speaking to India.com, Rahul Singla, Director, Mapsko Group said, “As we stand on the threshold of a new fiscal year, the Indian real estate sector eagerly anticipates the unveiling of the Union Budget. In these unprecedented times, the real estate industry looks to the Hon’ble Finance Minister with optimism and hope for measures that will not only catalyse growth but also address the unique challenges facing our sector.”
He said, “We look forward to policy interventions that promote sustainable development, encourage foreign direct investment, and streamline regulatory processes. A well-crafted budget should stimulate demand by providing incentives for homebuyers and developers alike, ensuring a harmonious ecosystem that propels the real estate sector forward.”
Fiscal Measures to Stimulate Demand
Sandeep Agarwal, CFO, Elan Group, said, “Anticipating the Union Budget’s release, our hopes are pinned on a transformative year for Indian real estate. We seek strategic fiscal measures stimulating demand for homebuyers and developers, addressing liquidity concerns, and simplifying regulations.”
He said the upcoming agenda necessitates a multifaceted approach encompassing several critical aspects and addressing the long-standing issue of undelivered projects is pivotal to reinstating customer confidence and trust within the real estate sector.
Key Measures to Propel Realty Growth
Rajat Khandelwal, CEO, Tribeca Developers, said with the beginning of the fiscal year 2024-25 budget, the Indian real estate sector is actively seeking pivotal government backing. As the final budget before the 2024 Loksabha Elections looms, the industry is strategically focusing on key measures to propel realty growth, he said.
“With India on the trajectory to achieve a $5 trillion economy and the third-largest GDP by 2027-28, we at Tribeca hold an optimistic outlook regarding the government’s initiatives to stimulate consumer demand in real estate – a sector that undeniably stands as one of the significant contributors to the Indian economy,” he said.
Industry Status to Real Estate Sector
Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd, said, “We eagerly anticipate the forthcoming budget announcement by Finance Minister Nirmala Sitharaman, with hopes for transformative measures that will invigorate the Indian real estate sector.
“Acknowledging the pivotal role real estate plays in the nation’s economic growth, our foremost expectation is the long-overdue grant of Industry status to the Real Estate sector. This recognition will not only catalyze investments but also streamline regulations, fostering a more conducive environment for sustainable development. Furthermore, we urge the government to extend the benefits of Infrastructure status to the affordable housing segment, a move that will significantly boost the sector’s affordability and accessibility, aligning with the nation’s vision of ‘Housing for All’,” he said.