Introduction
In 2023-24, the real estate sector in India recorded unprecedented growth, surpassing previous records with its strides of progress. The sector showed remarkable resilience, as sales returned to almost 90% of pre-COVID levels in a few cities. This positive home-buying sentiment experienced in 2023 is expected to spill over into 2024, as experts predict the real estate sector’s contribution to India’s GDP to rise to 13% by 2025.
With Budget 2024-25 around the corner, let’s take a look at what experts wish for in the coming year. Read on to know more about Indian real estate budget expectations 2024-25.
Budget expectations for real estate
The preceding Union Budget was promising in terms of increased focus on technological advancements across various sectors, AI, infrastructure, and real estate. Experts anticipate that apart from Infrastructure development budget 2024-25 will prioritise and continue boosting the supply-side stimulus and end-user demand. The budget, fuelled by government initiatives is expected to help the sector maintain the positive trajectory witnessed in 2023.
Sustainability has been the keyword for the past few years. Acknowledging the importance of sustainability, experts predict that the upcoming budget will continue the focus on energy transition, especially in urban planning, infrastructure development, and affordable housing, along with simplifying business for consumer’s ease.
Affordable housing segment
Will property prices in Pune rise after Budget 2024-25? This is one question on the minds of home-buyers. The forthcoming budget is expected to give a boost to the Prime Minister’s vision of ‘Housing for All.’ They also predict the lending rates in the affordable segment to lower, so that a greater number of households can access housing. The government is also expected to set up a tax relief plan, and increase the maximum limit of deduction on housing loan interest rates, which will drive the housing demand.
Industry experts are optimistic that the upcoming interim Budget will have a positive impact on the real estate market. A buoyant consumer sentiment, positive policy reforms, tax breaks, affordable housing schemes, an increase in disposable income and fiscal support will help the sector revive and be instrumental in bridging the widening housing gap.
The upcoming budget is poised to play a crucial role in shaping the trajectory of the real estate sector in India. The industry looks forward to a budget that not only navigates the challenges of the current economic landscape but also paves the way for a resilient and thriving future for the sector as the nation’s urban population continues to surge, the demand for real estate is anticipated to remain robust and maintain its exponential growth in FY-2024-25.
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