Aravind Maiya, chief executive officer, Embassy REIT said, “The government's step towards digitizing India's archaic land documentation system is a game-changer, as transparent and accessible land records facilitate property transactions, reduce disputes, and
encourage investment, benefiting both the real estate sector and the broader economy. However, some critical aspects remain unaddressed, such as GST rationalization for the real estate industry and the longstanding demand for industry status, which would facilitate access to funding.”
Murali Malayappan, chairman & managing director, Shriram Properties expressed, “The increase in the affordable housing deduction for interest paid on loans is a positive change that will provide much-needed relief to homebuyers and boost the real estate market.
Domnic Romell, president, CREDAI-MCHI added, “At macro level sustained infrastructure impetus, reflected in the Rs 11.11 lakh crore Capex allocation, we anticipate all these would create a multiplier impact and significant boost in the overall housing sector.”
Venkatesh Gopalakrishnan, director Group Promoter’s Office, MD & CEO - Shapoorji Pallonji Real Estate (SPRE) shared, “The comprehensive focus on efficient urban planning, including transit oriented development and enhanced infrastructure for water supply,sewage, and waste management across 100 large cities, will elevate the quality of urban living.”
Manas Mehrotra, founder, 315Work Avenue stated, “The development of industrial parks in 100 cities under the Industrial Corridor initiative is expected to create new real estate opportunities in these areas, potentially leading to the growth of commercial andresidential properties.”
Anshul Jain, chief executive - India, SE Asia &APAC Tenant Representation, Cushman &Wakefield said, “We were expecting the announcements related to the fund outlay for Smart City Mission 2.0. The plan to develop TOD in 14 large cities will also definitely help in creating industrial and commercial hubs in these catchment areas. Digitalization of Land records in urban areas with GIS mapping will increase the transparency and provide the better administrative services.”
Anurag Mathur, CEO, Savills India added, “The union budget 2024 has not addressed some of the key demands of the real estate sector, including granting of industry status, input tax credit, reduction of GST and single window clearance. Additionally, there is only a marginal increase in savings on individual income tax under the new taxation regime. We urge the union government to reconsider the focus on the real estate sector to include these demands.”
Anuj Puri, chairman, ANAROCK Group commended the Union Budget 2024-25 for its comprehensive approach towards job creation and boosting consumption, which are positive developments for the real estate sector.
Manju Yagnik, Vice Chairperson, Nahar Group and Sr. Vice President, NAREDCO, West added, “The finance budget for 2024-25 is a bold step towards a brighter future, with a strong focus on employment, skilling, and MSMEs, alongside a revised middle-class tax structure. Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also boost housing. This comprehensive approach is key to achieving the government's 'Housing for All' vision.”
Prashant Sharma, president, NAREDCO Maharashtra expressed that the falls short of addressing the industry's core challenges. The sector requires a more supportive policy framework, including industry status, GST relief, and streamlined approvals.
Amit Sinha, managing director & CEO, Mahindra Lifespace Developers was of the view that the announced amendments to the Code will hopefully address some of the teething issues highlighted in the MCA discussion paper of 2023 including some of the issues which have emanated out of judicial precedents. The finance minister has also indicated the Government’s intent to add more NCLT benches and set up exclusive benches to adjudicate on company law matters. This, along with the introduction of an integrated technology platform for multiple regulators/ all stakeholders and introduction of some key and highlyanticipated amendments would definitely aid the swiftness needed in resolution/ adjudication of insolvency cases.”
Archana Tewary, Partner, JSA Advocates and Solicitors shared his perspective, “"Real estate assets have been traditionally considered an attractive investment class due to indexation benefits available to such investments. In the budget announced today, while the reduction of the rate of long-term capital gains tax on sale of real estate assets is welcome, the removal of indexation benefits may hurt sellers. Although we must appreciate the overall intent to simplify taxation, such a change may particularly hurt individual sellers or middle-class sellers who had invested in real estate with the intention of eventually benefitting from market value rising. This may overall reduce the demand for residential real estate projects – the impact will have to be seen."
