Mandatory Annual Filings
Union Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on February 1. The full Budget for FY25 will be presented after the formation of the new government following the general elections.
The Interim Budget will contain details about the estimated receipts and the expenditure of the government until the formation of the new government.
In the financial year 2023-24, the real estate sector proved to be resilient with sales returning to almost 90% of pre-COVID levels in a few cities. It is expected that the real estate sector’s contribution to India’s GDP will rise to 13 per cent by 2025 from the current 6-8 per cent. Stakeholders look for government initiatives to help the sector maintain the positive trajectory witnessed in 2023.
Affordable housing segment
According to one of the industry expert, the Indian interior design landscape has witnessed significant growth thanks to the ever-growing demand for real estate in the country. “In the upcoming interim Budget, we are optimistic that it will have a positive impact on the home interior and real estate market,” he said, adding that support for affordable housing and low home loan rates would be a boost.
“As stakeholders in the home interior market, we look forward to a budget that not only navigates the challenges of the current economic landscape but also paves the way for a resilient and thriving future for the sector,” he noted.
Industry status in real estate
Another industry expert is seeking policy initiatives that will benefit homebuyers and real estate developers alike.
For a robust and sustainable real estate industry, he underscored the simplification of capital gains tax provisions. The complexities involved in asset classification, residential status determination, and computation of acquisition costs should be addressed. A streamlined approach would alleviate the compliance burden on taxpayers, enhance compliance levels and contribute to improved revenue collection, he observed.
He also highlighted the need for reinstating input tax credit for real estate, especially in residential projects with higher GST. This tax measure will control property prices and ensure affordability, he suggested.
“A reduction in GST rates on construction materials to single digits is a crucial expectation,” he stated.
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