Budget 2024: Real estate sector expecting high and robust growth phase; Here’s all you need to know

Budget 2024: Finance Minister Nirmala Sitharaman is all set to present an interim budget on February 1, with Lok Sabha Elections scheduled for April-May. The new government will present a full budget for the fiscal year 2024-25 (Union Budget 2024) following the Lok Sabha elections.

The budget is expected to address a variety of financial indicators, including inflation, fiscal deficit, capital expenditure, revenue receipts, bad loans, and more.

What is Real Estate Sector expecting from Budget 2024? 

The Indian real estate market witnessed unprecedented growth in 2023, surpassing all expectations and setting new records. As the market gears up for 2024, all indicators point to a sustained and robust growth phase, bolstering the nation's economy and investor confidence alike.

Also Read: Budget 2024 FAQs: A quick and complete guide to understanding Budget 2024

The upcoming Union Budget 2024 sets the expectations high for the real estate sector. Several developer community expresses its wish list for the government to look into it.

Despite global economic uncertainties, the sector has shown remarkable resilience and is expected to foster growth through favorable government policies in year 2023-24 and expect more highs from Budget 2024 for year 2024-25. 

Meanwhile, expressing optimism about the forthcoming Budget 2024, S K Narvar, Group Chairman of Trident Realty, anticipates that the budget will introduce impactful measures to propel growth. Narvar suggests that the budget should incorporate a fiscal stimulus and offer personal tax relief by augmenting the tax rebate on home loan interest rates from Rs. 2 lakh to Rs. 5 lakh. Such a move, according to him, would significantly benefit numerous first-time homebuyers.

Also Read: Interim Budget 2024: Know the date, time, and significance of the halwa ceremony

In addition, Narvar highlights the importance of the government's continued emphasis on Tier 2 and Tier 3 cities. He proposes allocating more infra-development funds to ensure a broader spectrum of projects in these cities receive support. 
 
The real estate sector is looking forward to the upcoming budget announcement, hoping that it will include measures that can support growth and propel growth in the nation's economy. The government should take proactive steps to promote growth by simplifying clearances, providing fiscal incentives, granting industry status, and more.

The budget will be presented annually in India by the Finance Minister on February 1 following approval from the President for presenting the same.

Also Read: Interim Budget 2024: Here are Key terms you should know ahead of announcement

The Finance Minister will read the budget speech, outlining the government's revenue and expenditure plans for the upcoming fiscal year. It covers various sectors, including health, education, and infrastructure. The budget aims to achieve economic growth, fiscal discipline, and address the country's financial priorities

Like the previous three full Union Budgets, this year's Interim Union Budget 2024 will also be delivered in paperless form. 

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