2024’s Interim Budget: Expect housing boost with bigger loan deductions!

The real estate sector in India is expecting several key measures in the upcoming Interim Budget 2024, including increased deduction for home loans and a boost for affordable housing. In 2023, the top seven cities in India witnessed a record-breaking sale of approximately 4.77 lakh housing units. However, it is expected that the surge in demand will continue at a slower pace in 2024. Chairman of ANAROCK Group, Anuj Puri, has stated that increasing the tax rebate on home loan interest rates from Rs 2 lakh to at least Rs 5 lakh is necessary to stimulate a more robust market for housing. Affordable housing has been particularly affected by the pandemic, with a decline in sales. Puri emphasized the need to revive and extend significant benefits, such as tax breaks, to encourage developers to construct more affordable housing and make it accessible to customers.