Effect of the Union Budget 2024 on real estate

Budget effect – a perspective on behalf of Mr. Ashwin Sheth, Chairman and Managing Director, Ashwin Sheth Group

“The Union Budget 2024 marks a momentous breakthrough for urban development and housing reassuring a promising future for the real estate sector.

The comprehensive focus on efficient urban planning, including transit-oriented development and enhanced infrastructure for water supply, sewage, and waste management across 100 large cities, will elevate the quality of urban living.

The substantial Rs. 26,000 crore investment in road connectivity projects is set to create a new growth corridor, significantly boosting real estate demand in emerging regions.

We applaud the government’s progressive initiative to urge states to moderate stamp duty rates and offer further reductions for properties purchased by women.

Coupled with the proposed interest subsidy scheme for urban housing loans, this will revolutionize homeownership by making it more accessible.

Furthermore, the commitment to developing a transparent and efficient rental housing market is a commendable stride that will benefit both property owners and tenants.

As a leading real estate developer, we recognize these measures as transformative catalysts. The Indian real estate sector, poised to reach $1.04 trillion by 2029 and contribute 13 percent to the GDP by 2025, stands to benefit immensely from this holistic and forward-thinking approach to urban development and housing.”