By Samyak Jain, Director, Siddha Group
Mumbai, 15th January 2024: In anticipation of the 2024-25 budget, there is a growing sentiment of optimism within the real estate sector, which is expected to be a significant benefactor of the new fiscal policies. After a year of remarkable performance, the industry emphasizes the need for additional support to maintain this growth trajectory.
A key focus is on enhancing the access of first-time homebuyers to affordable housing, particularly in metropolitan cities. The industry is hopeful for an upward revision of the cap in the credit link subsidy scheme, along with the introduction of tax benefits for first-time homebuyers. Such measures are seen as pivotal in sustaining the sector’s momentum.
The government’s efforts in promoting affordable housing have been acknowledged and appreciated. However, there is a need for further enhancements.
Moreover, increased budget allocation towards infrastructure development in Mumbai is also required. Improved infrastructure is expected not only to enhance connectivity and ease travel for residents but also to trigger a surge in housing demand across the city.
The sector also recognizes the shifting demographics, with a constant influx of people from smaller cities into metropolitan regions. This demographic change escalates housing demands, necessitating timely government intervention to capitalize on the projected upward trend in the real estate sector. The forthcoming budget is viewed as a crucial opportunity to address these needs and propel the sector towards sustained growth.