By Shravan Gupta.
Mumbai: The real estate industry is experiencing a boom with enhanced sales and new buildings. This boom has been made possible due to enhanced housing demand, rapid urbanisation and rising income. With budget 2024, a new wave of positivity is flowing amongst the stakeholders and buyers.
These trends have been prevalent for the past few months and are likely to continue till 2025. Shravan Gupta, MGF Group feels the real estate sector is awaiting the budget with a positive attitude. Here are some of the expectations from the upcoming budget. These hold the potential to change the industry and bring about much-needed reform.
Boost Affordability factor:
More and more people are looking to buy homes. This trend has been on the rise since 2020. Today buyer knows the value of investing in a property and its dividends. There is hope for increasing the affordability factor by increasing the affordable housing cap. This may draw more mid-level investors and boost house sales in the cities like Delhi, Mumbai and Bengaluru.
Shravan Gupta, MGF Group feels sustained investment will bring forth more growth in the affordable housing segment. And encourage builders to develop newer sustainable home projects.
Lessen Taxation:
Real estate is a promising sector that has the prowess to propel the economy forward. We are seeing more home buyers in every segment now. Tax deductions on home loans may bring in more first-time buyers and encourage new housing constructions. It may reduce the property prices attracting newer buyers. And bring more transparency in the sector.
Enhanced focus on sustainable homes:
Sustainable homes are the need of the hour. A sustainable home is in demand in the affordable home section. This may aid builders in developing more green homes and reaping tax benefits. Some feel an enhanced focus on sustainable homes can aid in saving energy and give long term savings and a healthy lifestyle.
Such projects are largely in demand in most Indian cities. Builders like Shravan Gupta, MGF Group believe this will make the Indian housing segment more dominant.
The Budget 2024 may come as a ray of hope for the Indian Real Estate segment. This is likely to bring in more investors and new buyers and make Real estate a new growth story.
Website: https://www.shravangupta.com
