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Budget 2024: How the real estate sector hopes to benefit from the government’s reforms

The real estate sector in India is eagerly awaiting the Union Budget for 2024, which is anticipated to advertise several measures to boost the growth and recovery of the assiduity. The sector has been witnessing a strong reanimation in demand and deals, especially in the affordable casing member, after the epidemic- convinced retardation in 2023. Still, there are still numerous challenges and backups that need to be addressed to insure the long-term sustainability and competitiveness of the sector.

Some of the  crucial  prospects of the real estate sector from the Budget 2024 are  

Infrastructure status for affordable housing:  The government has been promoting affordable housing as a precedence area under its’ casing for All’  charge. Still, the sector still faces issues similar as high land and construction costs, lack of backing options, and nonsupervisory hurdles. The assiduity has been demanding that affordable casing be given structure status, enabling it to a mileage of colorful benefits similar to lower interest rates,  duty impulses, and easier access to finances from banks and fiscal institutions. This would also help in reducing the cost of  casing for the end-druggies and adding the force of affordable units in the request.   

Increase in duty rebate on home loan interest rates The current limit of duty deduction on home loan interest rates under Section 24 of the Income Tax Act is Rs 2 lakh, which is shy for utmost homebuyers, especially in metro metropolises where property prices are high. The assiduity has been requesting that the limit be increased to at least Rs 5 lakh, which would encourage more people to invest in their own homes and also stimulate the demand for casing loans. This would also help in perfecting the liquidity and cash inflow of the sector.   

Simplified taxation structure for REITs:  Real Estate Investment Trusts( REITs) are a new and innovative way of raising finances for the real estate sector, which allows investors to enjoy and earn income from marketable parcels without having to buy or manage them directly. REITs have the eventuality to attract large-scale domestic and foreign investments into the sector, as well as give an indispensable source of income for retail investors. Still, the taxation structure for REITs in India is complex and unclear, which discourages numerous investors from sharing in them. The assiduity has been prompting the government to simplify and explain the duty governance for REITs,  similar as exempting them from tip distribution duty, capital earnings duty, and stamp duty, and aligning them with the global stylish practices.   

Single window concurrence system:  One of the major pain points for the real estate sector is the detention and difficulty in carrying colorful blessings and concurrences from multiple authorities at the central, state, and original situations. This not only increases the cost and time of design prosecution but also exposes the sector to corruption and action pitfalls. The assiduity has been seeking the perpetration of a single window concurrence system, which would streamline and expedite the blessing process, reduce the regulatory red tape recording, and enhance the translucency and responsibility in the sector.  

Rebates in stamp duty rates: Stamp duty is a state-position duty levied on the enrollment of property deals, which adds to the overall cost of buying a property. The stamp duty rates vary across countries and can range from 3% to 10% of the property value. The assiduity has been appealing to the government to reduce the stamp duty rates or give rebates to homebuyers, especially in the affordable casing member, which would make property purchases more affordable and seductive. This would also increase the profit collection for the state governments, as more people would register their property deals.  

The real estate sector is poised for a promising future, as it contributes significantly to the profitable growth, employment generation, and structure development of the country. The Budget 2024 is anticipated to give the necessary motivation and support to the sector, by addressing its crucial issues and prospects and enabling it to overcome the challenges posed by the epidemic and the global competition. The Budget 2024 is also anticipated to align with the government’s vision of Atmanirbhar Bharat’, which aims to make India a tone-reliant and flexible nation. 

Disclaimer: The information provided by A2 Digital is for general informational purposes only.

Source: Business Today

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