Interim Budget 2024: No Major Real Estate Changes
The Interim Budget for 2024 didn’t make any big changes, but it focused on improving roads, bridges, and connections across India. This will help cities grow, not just the big ones but also smaller ones. The Finance Minister announced a few things that will help the real estate sector directly and indirectly.
Firstly, the PM Awas Yojana (Gramin) kept going despite challenges. It reached its goal of almost 3 crore houses and now plans to build 2 crore more in the next five years. This will help people in rural areas get their own homes.
Secondly, a new scheme will help middle-class people living in rented houses, slums, or unauthorized colonies to buy or build their own homes. This might free up places like slums for redevelopment.
Thirdly, more money (11.196 lakh Cr) will be set aside for building things like roads and bridges. This will help real estate because some of this money will be used for new projects.
Fourthly, in cities, there will be a focus on building homes near public transport. This could make more people want to live in these areas and might increase house prices.
Fifthly, famous tourist places will get better. This could help hotels and restaurants. States will also get loans to help tourism.
Lastly, startups will keep getting tax breaks for one more year. This might help offices and real estate.
Some things people were hoping for didn’t happen. For example, the real estate industry wanted to be recognized as an industry. This would make it easier for them to get loans and tax breaks. Also, people were hoping for tax breaks for homebuyers and more help for affordable housing. But the budget didn’t talk about these things.
While the Interim Budget didn’t do everything the real estate sector wanted, the full Union Budget might have more answers. It might help the industry and change how things work in the market.
Disclaimer: The information provided by A2 Digital is for general informational purposes only.
Source: PunekarNews