Amid earning the praise of realtors, Union Budget disappoints Home-buyers!

Apartment Owners Associations in Noida and Greater Noida in the national capital region believe revoking indexation benefits in property deals will be a big setback for homebuyers.

The most expected Union Budget 2024-25 has left the home-buyers with huge disappointment, as it not underscored the disputes such as high interest rates on home loans and the yearly surge in stamp duty charges, meanwhile the real estate developers praised the budget.

Stating this, Abhishek Kumar, President of Noida Extension Flat Owners Welfare Association (NEFOWA) says, “This budget has left homebuyers disappointed, with no specific provisions or reliefs offered for them. Despite the high interest rates on home loans and the annual increase in stamp duty charges, the budget did not address these concerns”. 

"Apartment owners selling their property will no longer be able to adjust their purchase price using inflation. This new policy will significantly reduce their capital gains. Increase in this tax burden and will make it less attractive for real estate investors," Singh added.

Similarly, Ace Group CMD Ajay Chaudhary says, "The Modi government is emphasizing more on infrastructure. Jewar airport is playing a crucial role to boost the economy in Delhi and Uttar Pradesh. Since the Jewar airport is developed along Yamuna Expressway it is going to be a game changer. This region is the epicenter of major infrastructure development, attracting jobs and investment”.

The CEO of Bhutani Group, Ashish Bhutani said that Prime Minister’s Awas Yojana 2.0 that targets to offer homes for 10 million families and make the process of home-buying more obtainable for middle and low income families.

"Lower stamp duties make purchasing property more affordable for women, potentially leading to a rise in the number of female homeowners. The government's proposal for a transit-oriented development plan for 14 large cities and the significant investment to address housing needs for the urban poor and middle-class families is also appreciated”, Bhutani added.