Expectations From The Industry For The Upcoming Budget 2023–24
Upcoming Budget 2023–24: The sector is focusing on policies that will set the tone for real estate growth throughout the year as the Union Government prepares to present its final full-fledged budget before the Loksabha Elections in 2024. Will the government meet the expectations of the stakeholders, or will they once more be ignored? navimumbaihouses.com monitor the most recent news!
Real estate players assemble before each Union Budget to establish the narrative that may affect the fiscal policies. This time, the industry narrative seems to be more impartial to address the worries of all parties.
Developers want government assistance in the form of reduced house loan interest rates, reduced raw material costs. Improved infrastructure, and greater home loan borrowers’ ability to deduct interest from their taxes, among other things.
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The expectations of business for the Union Budget 2023
Upcoming Budget 2023–24: Tax relief for mortgage loans
Emphasises the urgent need for personal tax relief, whether through lower tax rates or altered tax slabs. Additionally, we anticipate a decrease in stamp duty and registration fees as well as input tax credits (ITCs) for developers. These elements influence project costs significantly and entice homeowners.
“The government could increase the annual tax deduction cap for mortgages from Rs 2 lakh to Rs 5 lakh. Which will aid the real estate sector in attracting first-time buyers from throughout the nation.”
GST exemption, infrastructure designation, and CLSS extension
“As a result of rising building material costs and repo rates, which also have an impact on housing demand. Property prices have been growing. The sector anticipates announcements in the Union Budget 2023 on particular programmes. Such as a decrease in the GST on properties that are still under construction and the pricing of important raw materials. “A favourable budget is crucial to help the economy overcome the COVID-induced slowdown.” Because it would benefit both local and international investors greatly. Granting the real estate industry infrastructure status remains a goal.
“A favourable budget is crucial to help the economy overcome the COVID-induced slowdown.” Because it would benefit both local and international investors greatly. granting the real estate industry infrastructure status remains a goal. Long-term real estate growth might be accelerated by lowering the GST rates on essential building materials. Extending the Credit-Linked Subsidy Scheme (CLSS). And introducing alternative asset classes into Real Estate Investment Trusts (REITs).
The government must make the provision available to the whole affordable housing industry now that the sector has been given infrastructure status. In order to build affordable homes, this will guarantee that land is available in key cities at cheaper prices.
Tax reductions for rental properties
“The Central and State governments enacted a number of reforms and incentives over the course of the past year to resuscitate the economy. In order to accelerate the pace of investment in these schemes. It is anticipated that the government would continue to support them by providing tax relief for rental housing developments. “The government’s determination to increase both rental and affordable housing would help them reach their ultimate aim of housing for everyone.
The loss set-off threshold under the income tax head for House Property should also be reviewed by the government. It has to be increased from the current amount of Rs 2 lakh or eliminated. It will encourage more investors to return to the rental housing market and aid in building affordable housing for migrants in metropolitan regions.
The “SWAMIH Investment Fund” was established in November 2019 by Special Window for Affordable and Mid-Income Housing (SWAMIH) to assist in completing more than 1,500 housing projects that have been designated as Non-Performing Assets (NPAs).
To enable financial institutions create sufficient cash and expedite the completion of stalled real estate projects. More liquidity must be supplied under the SWAMIH Fund. Additionally, fostering forward-thinking Foreign Direct Investment (FDI). Inflows that permit foreign investment in finished housing as well as improving access to low-cost borrowing might go a long way toward ensuring the sector’s success in 2023.
Upcoming Budget 2023–24: Co-working facilities
In 2021 and 2022, flexible office space was in high demand among startups, and this trend is anticipated to continue. As a result. Proprietors of co-working spaces anticipate that the Central Government would lower the Tax Deducted at Source (TDS) from 10% to 2%.
Adds that co-working companies anticipate the extension of input tax credits to developers in order to offer affordable leasing to startup businesses. Additionally. The sector would benefit greatly from more efforts to enhance the infrastructure. And from the implementation of a single-window clearance system to encourage co-working spaces in non-metropolitan locations.
The developer community anticipates additional business-friendly statements that will draw foreign buyers, institutions. And private capital players to the Indian real estate sector. This industry experts’ wish list, nevertheless, will be put to the test when the Union Budget 2023 is presented. Until then, there should be a positive perspective that the government would take the necessary steps to increase consumer demand and provide the real estate industry a major boost in order to confirm healthy infrastructure expansion. Unquestionably, if all these options were taken, the real estate industry would benefit and the economy’s recovery would be accelerate.
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