Union Budget 2024: Real Estate Sector Optimistic for Key Reforms
The real estate sector is eagerly anticipating the upcoming Union Budget 2024, with hopes that the government will introduce measures to address their longstanding demands and boost growth in the industry. As the demand for office spaces, commercial zones, and retail spaces continues to rise, key developers in the sector have outlined their expectations, ranging from GST rate reductions to granting industry status and implementing a single-window clearance system.
Harsh V Bansal, Co-founder of Unity Group, emphasized the need for policy support to align commercial real estate with the government’s goals of promoting entrepreneurship. He highlighted the issue of GST framework, stating that streamlining the process would greatly benefit the sector.
Mr. Harinder Singh Hora, Founder Chairman of Reach Group, reflected on the phenomenal year the real estate sector had in 2024, attributing it to stable interest rates, strong economic growth, and the government’s focus on infrastructure development. He stressed the importance of ensuring policies that accelerate demand and growth in the sector.
Uddhav Poddar, MD of Bhumika Group, highlighted the demand for Grade A retail spaces in both metro cities and tier 2 cities, calling for initiatives at the policy level in the upcoming budget. He emphasized the need for GST input credit on commercial projects and conferring industry status on the sector.
Harsh Gupta, CEO of Sundream Group, underscored the pivotal role of commercial real estate in the country’s GDP growth, urging the government to address input costs and GST rates on essential materials. He also emphasized the importance of implementing a single-window clearance system to sustain momentum in the sector.
Overall, key players in the real estate sector are optimistic that the government will address their demands in the upcoming budget, which would not only enhance the industry’s contribution to the national economy but also make real estate an attractive investment avenue for both domestic and international stakeholders.
