The real estate industry is eagerly awaiting the Interim Budget 2024, which is expected to be presented in February. The sector has put forward several expectations, including:
- Maximum deduction for home loans (u/s 24): The industry wants the tax rebate on home loan interest rates to be increased from INR 2 lakh to at least INR 5 lakh. This would stimulate the housing market, especially in the budget homes segment.
- Decisive boost for affordable housing: Given the impact of the pandemic on the affordable housing segment, the industry hopes for measures that would support its recovery.
- Modify the qualifying standards for affordable housing: The government needs to adjust the qualifying cost of properties in the affordable housing segment in order to make them more accessible.
- Release government land for affordable housing: The industry suggests that lands owned by government agencies could be released at a low cost specifically for affordable housing, which would help lower real estate prices.
The real estate sector believes that these measures could help revive the industry and cater to the demand for affordable housing.
