Finance Minister Nirmala Sitharaman will present the budget in Parliament on February 1 with the preparations in full swing. At the same time, home buyers are also expecting many things from this budget. Let us know what demands the experts of the real estate sector have placed before the Finance Minister?
These major reforms are expected in 2025
Home loan exemption limit should be increased: CREDAI NCR President and Gaur Group CMD Manoj Gaur said that real estate is a mirror of the country’s economic progress. “We hope that the government will take necessary steps to accelerate the pace of development. The rising price of houses is putting a big financial burden on buyers. Therefore, it is necessary to increase the tax exemption limit under section 80 (C) from 1.5 lakh to 5 lakh.” Talking in the same tune, Signature Global (India) Founder and Chairman Pradeep Agarwal 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 a house.
Real estate should get ‘industry’ status: County Group director Amit Modi says that it is an old demand of the real estate sector that it should be given industry status 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 the projects are completed on time and the cost is low. He further said that bringing back GST input credit for homes will help keep prices stable. SKA Group director Sanjay Sharma said that real estate is one of the largest employment-providing sectors in the country. If it gets industry status, it will strengthen this sector further.
Single window clearance is the need of the hour: Ansal Housing Director Kushagra Ansal said that if the single window clearance system is implemented, it will take less time for developers to get approval. This will help in completing projects quickly and home buyers will be able to get their homes quickly. Raheja Developers Vice President Mohit Kalia said that there is a need to focus more on affordable homes. If income tax exemption is increased, people will be motivated to buy more homes.
Common man should get relief: Uddhav Poddar, CMD of Bhumika Group, says that our biggest hope is that the limit of Section 80C exemption on home loan installments should be increased. Dr. Gautam Kanodia, founder of Kreeva and Kanodia Group, says that the real estate sector is a big part of India’s economy, and we hope that the upcoming budget will bring such reforms that will remove the shortage of money in the market. The government should focus on giving tax relief and reducing GST on construction materials.
