The real estate industry in India is hoping for several key provisions in the Interim Budget 2024 to boost the sector.
Some of the key expectations from the realty sector include:
- Maximum deduction for home loans (u/s 24): The industry hopes that the tax rebate on home loan interest rates will be increased from INR 2 lakh to at least INR 5 lakh. This move could stimulate the housing market, especially the budget homes segment.
- Decisive boost for affordable housing: Given the impact of the pandemic on affordable housing, the industry is seeking measures to support this segment, which has experienced a decline in sales.
- Modify qualifying standards for affordable housing: The government is urged to adjust the qualifying cost for affordable housing in cities. The current prices of up to INR 45 lakh make these properties unaffordable for many buyers.
- Release government land for affordable housing: There is a shortage of land for affordable housing, and the industry suggests that government agencies release certain lands owned by Indian Railways, Port Trusts, Department of Heavy Industries, etc., at a low cost for affordable housing.
The real estate industry in India is hopeful that these provisions in the Interim Budget 2024 will help revive and strengthen the housing market.
