Keeping the pre-budget expectations for Indian residential real estate in 2024, the hon’ble government’s focus on strategic measures poised to rejuvenate the sector. At the forefront of our anticipation is a call for increased home loan interest rebates under the Income Tax Act Section 24. Increasing the rebate from ?2 lakh to a substantial ?5 lakh is not just a fiscal adjustment but a catalyst for stimulating the housing market and bolstering homebuyer confidence.
Furthermore, recognizing local developers as Micro, Small, and Medium Enterprises (MSMEs) shall also be considered as a pivotal step. This not only amplifies accountability and transparency but extends a lifeline to these developers by providing access to credit at more affordable rates. Such a move is not merely a policy adjustment — rather a strategic alignment that will propel the real estate industry towards sustainable growth. In the pursuit of revitalising the sector and addressing the housing gap, the government's emphasis upon affordable housing should be paramount.
Also, acknowledging the pivotal role of startups and emerging businesses in the commercial arena, we propose tailored incentives to boost the commercial real estate aspirations of small enterprises. This could include special tax breaks, simplified approval processes, and financial support mechanisms to foster a conducive environment for business growth.
l advocate for comprehensive policy impetus, impactful tax breaks, and fiscal support to fortify the foundations of affordable real estate. With that being said, we also hope that the government would recognize the real estate sector as an industry, as the acknowledgement would go a long way in making this vertical grow further. This proactive approach will not only boost demand but also position the Indian real estate sector on the path to resilience and prosperity.
