Union Budget 2024-25 Expectations in Real Estate Sector: From Interest Rates to Infrastructure Development, Know What Realtors Expect From the Interim Budget This Year
Debt restructuring for stressed developers, improved credit availability, digitisation initiatives, and infrastructure development are some of the areas in which realtors look forward to positive announcements during the Budget this year.
Mumbai, January 25: Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The budget is allotted for a fiscal year which runs from April 1 to March 31 of the next year. This year, it will be an interim budget as the full Budget for FY25 will be presented after the formation of the new government following the general elections.
Ahead of the Union Budget, real estate stakeholders expect the sector's growth and stability this year and want the government to address interest rates that are conducive to the current market. Debt restructuring for stressed developers, improved credit availability, digitisation initiatives, and infrastructure development are some of the areas in which realtors look forward to positive announcements during the Budget this year. Union Budget 2024-25: Halwa Ceremony Held To Mark Final Stage of Interim Budget Preparation (See Pics and Video).
The real estate sector is said to be a significant contributor to the Indian economy, playing a crucial role in terms of employment generation, capital investment, and overall economic growth. However, it's essential to note that the dynamics of the real estate sector can be influenced by various factors. The growth of the real estate sector often goes hand-in-hand with infrastructure development. The construction of residential, commercial, and industrial spaces contributes to the overall improvement of infrastructure in a region. So, all realtors are patiently waiting for the government to announce measures and incentives or subsidies for projects incorporating environmentally friendly and energy-efficient practices.
The real estate sector was majorly hit by the COVID-19 pandemic. Hence, realtors may seek clarity on existing and upcoming regulations affecting the real estate sector, monetary policies, including interest rates set by the central bank, and policies that simplify and streamline regulatory processes. Union Budget 2024–25: Ten Facts About India's Budget That Every Indian Citizen Must Know Of.
This year, it will be an interim Budget as the elections for the Lok Sabha are due this year. An interim budget is a temporary financial plan for a few months until a new government is formed. The Union Budget of India is also referred to as the Annual Financial Statement in Article 112 of the Constitution of India.
(The above story first appeared on LatestLY on Jan 25, 2024 04:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).