As the Union Budget 2024 approaches, the real estate sector has outlined its expectations, focusing primarily on tax relief to stimulate growth and investment. Industry leaders are urging the government to introduce measures that will ease the financial burden on both developers and homebuyers.
A key demand is the increase in the tax deduction limit on home loan interest under Section 24(b) of the Income Tax Act, which currently stands at ₹2 lakh. Stakeholders argue that raising this limit will incentivize homebuyers and boost the housing market. Additionally, there is a call for reinstating the tax benefits under Section 80-IBA for affordable housing projects, which lapsed in March 2022.
Source:- news 18
Real estate experts are also advocating for the reduction of the Goods and Services Tax (GST) on construction materials, particularly cement and steel, to lower overall project costs. This reduction is expected to make housing more affordable and drive demand in the sector.
Source:- BBC news
Another significant expectation is the implementation of a single-window clearance system for project approvals to streamline processes and reduce delays. This move is seen as essential for enhancing the ease of doing business in the real estate sector.
Overall, the real estate industry is hopeful that the upcoming Union Budget will address these concerns and provide the necessary impetus for growth and development.
SHARE YOUR VIEWS IN THE COMMENTS
