Ranjit Naiknavare, President of Credai Pune-Metro shared with Media.
“Budget 2024 is inclusive and focused on the mission of Vikasit Bharat 2047 with key focus areas of Inclusive development, manufacturing & MSMEs, Women & agriculture, Urban Development, Energy security, Infrastructure, Innovation & next-generation reforms. Hon FM has announced a long-term investment of 10 lakh crore and subsequent affordable loan rates for PMAY 2.0 which will boost affordable housing and bridge the difference in demand and supply of affordable homes.
A transparent rental housing policy, boost for water supply & sewage for 100 cities, focus on TP schemes, TOD zones, infrastructure boost & simplification of GST is a welcome move. The Hon FM’s call to reduce stamp duties, especially for women buyers in states that charge a higher stamp duty is appreciated.
The reduction of GST & basic custom duty (BCD) on steel will be a relief in the input costs provided the steel manufacturers pass on the benefit to the real estate industry. The digitization of urban land records being one of the demands of the industry will greatly help us bring more transparency in transactions.
The increase of the standard deduction in income tax to INR 75,000 from INR 50,000 will put more money in hands of the home buyers enabling them to pay EMIs earlier and close their loans
Credai had placed below as its main demands for the real estate sector on behalf of the home buyers, mainly being introduction of Credit guarantee schemes for affordable home loans, to change the affordable housing definitions to enable vast outreach, especially in metro cities like Pune, Interest deduction for home buyers, reduction of long term capital gain taxes, employment generation and skilling, Urban infrastructure development funds & policy support for Environmental clearances for projects. While the majority of the demands have not been fulfilled in the budget, we would still say that overall it’s a good budget in the long term for development and putting more money in the hands of the home buyers.“
