“As we approach the announcement of the Union Budget for 2024-25, the real estate sector stands at a critical juncture. As a cornerstone of our economy, this industry plays a vital role in generating employment and significantly contributing to the GDP. Its continued expansion is essential for sustained economic progress and national development.
At Crest, our real estate vertical of Crest Ventures Limited, we have consistently dedicated our efforts to enhancing the real estate landscape through architectural innovation, functionality and a consumer-first approach. We eagerly anticipate measures in the forthcoming budget that will provide further support and stimulus to this dynamic sector, fostering growth and stability for the benefit of all stakeholders and clients.
The past year has seen remarkable advancements in the real estate market, driven by positive market sentiments, economic expansion, and urbanization. The desire for homeownership remains robust among consumers, with residential sales reaching new heights. This upsurge is a testament to the sector’s resilience and its critical role in the nation’s economic framework.
This year, we hope to extend beyond the usual calls for single-window clearance and industry status. We look forward to comprehensive fiscal measures that will address key challenges and stimulate growth. Critical areas needing attention include enhancing infrastructure development, improving access to affordable housing finance, and implementing policies that support sustainable urban planning. Additionally, easing regulatory burdens and offering tax incentives can significantly boost investor confidence and attract more capital into the sector.
Raising the deduction limit for interest payments on home loans from the current Rs 2 lakh to Rs 5 lakh would significantly boost housing demand. Reducing GST on under-construction properties and adjusting raw material pricing are also crucial steps that can make homeownership more affordable for a larger section of the population.
Reducing the maximum tax rate of 30% could also significantly enhance individual purchasing power, making it easier for more people to invest in real estate. In addition, the budget can aim to provide personal tax relief, either through lower tax rates or by readjusting tax slabs, which is crucial in the current economic climate.
The definition of affordable housing can also be expanded to include a broader range of homebuyers. By doing so, we can increase the accessibility of housing benefits, thereby boosting end-user demand. Providing income tax relief on a second home and rationalizing long-term capital gains would prove advantageous for homebuyers and stimulate the market, contributing to a more sustainable ecosystem. Additionally, offering tax exemptions on rental income would encourage greater investment in residential real estate, fostering a more robust and diversified market.
Another crucial aspect is advocating for announcements that improve the ease of doing business for developers. Simplifying regulations and addressing liquidity concerns are essential steps in creating a favorable climate for real estate investment. Strategic fiscal measures should aim to stimulate demand among both homebuyers and developers, ensuring the industry’s resilience and continued growth.
On the marketing front, we have seen firsthand the impact of cutting-edge innovation and strategic positioning on project success. Our recent launch, Crest Oaks in Marol, has redefined luxury living through meticulous design, in-depth planning, and flawless execution. This landmark project epitomizes our commitment to excellence and innovation in creating upscale residential spaces.
For our upcoming projects in Bandra and Dadar, we have meticulously orchestrated each marketing phase, tailoring each one to the specific type of project and its audience, to maximize visibility and engagement. These efforts highlight our dedication to creating vibrant communities that provide unique lifestyle experiences.
At Crest, we are optimistic about the future and confident that the forthcoming Union Budget will incorporate measures supporting the growth of the real estate sector, enabling us to continually deliver value to our stakeholders and clients alike, and contribute to the broader economic development of the country.”
Real Estate Pre-Budget Expectations Quote:
Mr. Sanjeev Srivastva, Chairman & Founder of Assotech Group, a real estate company.
“As we approach Union Budget 2024, the real estate sector stands at a pivotal juncture, poised for significant developments and poised to continue its trajectory of growth and resilience. The past year has been a testament to the sector’s adaptability and resilience, marked by a remarkable rebound across various segments. This resurgence has been driven by robust demand in residential, commercial, and industrial real estate, underpinned by favorable macroeconomic indicators, stable lending rates, and an optimistic job market outlook.
Looking forward, the industry’s expectations are centered around several key themes that are crucial for sustaining this momentum and fostering inclusive growth. At the forefront of these expectations is the urgent need to rejuvenate the affordable housing segment. Affordable housing not only addresses the critical need for housing among the lower-income groups but also serves as a catalyst for broader economic stability and social equity. The sector has seen a decline in sales in this segment, exacerbated by the aftermath of the pandemic and rising construction costs. To revitalize affordable housing, it is imperative for the government to reinstate incentives like the Credit-linked Subsidy Scheme (CLSS) and introduce targeted tax breaks. These measures will not only stimulate demand but also incentivize developers to undertake projects that cater to this underserved segment of the market.
Furthermore, the grant of industry status to the real estate sector remains a longstanding demand that continues to garner industry-wide support. Recognizing real estate as an industry will not only enhance its access to institutional financing but also streamline regulatory processes and foster investor confidence. Coupled with this, initiatives such as a streamlined single-window clearance system and rationalization of Goods and Services Tax (GST) on real estate transactions are crucial steps toward reducing bureaucratic hurdles and enhancing operational efficiencies across the value chain.
At Assotech Group, we are deeply committed to advancing India’s urban development agenda through sustainable and innovative real estate projects. Our journey over the years has been marked by a steadfast dedication to quality, integrity, and customer-centricity. We have consistently strived to deliver projects that not only meet but exceed the evolving expectations of our customers while contributing meaningfully to the nation’s economic landscape.
As we navigate through dynamic economic landscapes and anticipate forthcoming policy reforms, Assotech Group stands ready to play a proactive role in shaping a vibrant and resilient real estate ecosystem. Our focus remains on leveraging our expertise and experience to pioneer transformative projects that not only enhance the built environment but also create lasting value for all stakeholders involved. We are committed to embracing sustainability as a core principle, ensuring that our developments not only meet current needs but also contribute positively to the environmental and social fabric of the communities we serve.
In conclusion, the upcoming Union Budget presents a crucial opportunity to chart a course for sustainable growth and development in the real estate sector. By addressing the sector’s key priorities such as affordable housing, industry status, and regulatory reforms, the government can unleash the full potential of real estate as a key driver of economic growth, employment generation, and social progress. Assotech Group stands ready to collaborate with policymakers, industry peers, and stakeholders to realize this vision and contribute to India’s journey towards becoming a global leader in real estate innovation and sustainability.”
This expanded quote not only outlines the sector’s expectations but also underscores Assotech Group’s strategic priorities and commitment to driving positive change in urban development through innovative and sustainable real estate solutions.”
