general budget Preparations are going on. Finance Minister Nirmala Sitharaman will present the budget in Parliament on 1 February. Everyone’s eyes are on this budget. This is because the pace of Indian GDP has slowed down. The Finance Minister can take several measures to speed this up. At the same time, home buyers also have many expectations from this budget. Let us know what demands the real estate sector experts have placed before the Finance Minister?
These major reforms are expected from 2025
Home loan exemption limit increased: Manoj Gaur, Chairman of CREDAI NCR and CMD of Gaur Group, says that real estate is the mirror of the economic progress of the country. We hope that the government will take necessary steps to accelerate the pace of development. Rising home prices are placing a huge financial burden on buyers. Therefore, it is necessary to increase the tax exemption limit under Section 80 (C) from Rs 1.5 lakh to Rs 5 lakh. Pradeep Agarwal, Founder and Chairman, Signature Global (India) said that if the tax exemption limit on housing loans is increased to ₹5 lakh, it will be a big relief for home buyers. This will help millions of people to fulfill their dream of buying their own home.
Real estate to get ‘Industry’ status: County Group Director Amit Modi says that there is an old demand of the real estate sector that it should be given the status of an industry, so that finance can be available at low interest and its benefits reach the customers directly. Also, single-window clearance is necessary to ensure that projects are completed on time and costs remain low. He further said that bringing back GST input credit for houses will help in keeping the prices stable. SKA Group Director Sanjay Sharma said that real estate is one of the largest employing sectors in the country. If it gets the status of industry, it will further strengthen this sector.
Single Window Clearance Time Demand: Kushagra Ansal, director, Ansal Housing, said that if the single window clearance system is implemented, developers will take less time to get approval. With this, projects will be completed quickly and home buyers will be able to get homes quickly. Raheja Developers Vice President Mohit Kalia said that there is a need to pay more attention to affordable houses. If income tax exemption is increased, people will be motivated to buy more houses.
Relief to the common man: Bhumika Group CMD Uddhav Poddar says that our biggest hope is to increase the limit of Section 80C exemption on home loan installments. Dr. Gautam Kanodia, Founder of Kriva and Kanodia Group, says that the real estate sector is a major part of India’s economy, and we are hopeful that the upcoming budget will bring such reforms that will remove the shortage of money in the market. The government should focus on providing tax relief and reducing GST on construction materials.
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