Union Budget 2024: What does the real estate sector expect?
The Indian real estate sector has been experiencing a significant boom in the recent quarters driven by factors such as rapid urbanisation, policy reforms, increase in disposable income and a continuous growth in consumer sentiments. Last year, the sector registered remarkable progress, consolidating its position among various other sectors.
With budget 2024 approaching, a strong sense of optimism prevails throughout the sector. There are numerous prerequisites that we are looking forward to being fulfilled, including a potential decrease in the GST rate, lower interest rates on home loans, decline in property prices overall, implementation of a more efficient single-window clearance system, and the development of off-centre locations.
One major expectation from this year’s budget is granting of industry status to the sector. The real estate industry has played a significant role in boosting the country's economic growth. Granting industry status to this sector will not only attract more investments but also streamline various governing procedures.
