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As we look forward to Union Finance Minister Nirmala Sitharaman’s presentation of the Union Budget 2024 on July 23rd, 2024, the excitement, expectation, and anticipation are rising higher than sky. The Budget-2024 is anticipated to chart a strategic plot for achieving the milestone of secured and sustained economic growth of the country. According to factual histories and incidents, the government is known for allotting a huge expenditure for key sectors to drive strong GDP growth. Hence this year, there is a huge hope falling on the budget from the end of the real estate sector that the government will implement strategic intervention to stimulate the market growth and solve the ongoing challenges.
So in this article, let’s witness the major expectations of the real estate sector on the Union Budget 2024 and key insights quoted by real estate experts.
With the revolutionary Union Budget 2024, the Real Estate sector of India is gearing up to redefine all the horizons for stabled growth and substantial progress
Residential rent earned from the property to be tax free or adjusted into EMI: Residential rental income is currently subject to taxation as income from house property. It would be beneficial for homeowners if rental income could be directly offset against home loan EMIs. This policy change would alleviate the double taxation burden on property owners, who currently pay taxes on both rental income and home loan interest. Such a measure is anticipated to stimulate real estate transactions.
Reduced GST Rates for Real Estate: Reducing GST rates on real estate could potentially decrease overall housing costs by lowering the tax burden on property purchases.
Increased Interest Deduction Limit: Increasing the interest deduction limit under Section 24B of the Income Tax Act would allow homeowners to claim a higher amount of interest paid on their home loans as a tax deduction, potentially providing significant tax relief.
Single Window Clearance system: Single-window clearance system aims to consolidate all development authorities under one roof, ensuring timely approvals for real estate projects.
Clearly, the Union Budget – 2024 bears a pivotal potential to transform the trajectory of the real estate industry of India. Through addressing the core issues by targeted implementations and executions to enhance affordability and drive wider economic growth, the Indian government can build a dynamic and rigid market of housing in the country. As the whole country, especially homebuyers, realtors and industry leaders are eagerly awaiting for certain reforms and resolutions, the upcoming union budget stands as a guiding light for reaching sustainable and strengthened stability in the real estate sector. The real estate sector will thrive along with contributing nationwide hefty economic growth.
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