The upcoming Union Budget 2024 is eagerly awaited by real estate developers who are hoping for tax rationalization and interest rate reductions to enhance financial viability. Key expectations from the Budget include:
Commercial real estate players are specifically requesting:
As the Budget approaches, the industry is hopeful for measures that will support growth and address critical concerns. According to a survey by CREDAI and Colliers, the majority of real estate developers are anticipating significant tax rationalization and interest rate reductions. These measures, they believe, are crucial for enhancing financial viability and stimulating further growth in the sector.
The Budget survey revealed that developers are keen on GST-related input tax concessions and reduced interest rates to provide financial relief and bolster project feasibility. These expectations come as the housing market has seen a substantial uptick in demand across Tier I and II cities over the past few years, with developers optimistic about sustaining this momentum in 2024.
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