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The Union Budget 2024 was announced on 23rd July 2024 by Nirmala Sitharaman. There were several measures announced for urban development, revised tax frameworks and infrastructure.
Let us take a deep dive into the key highlights in respect to the real estate sector.
The Pradhan Mantri Awas Yojana exemplifies the government’s pledge towards ‘Housing for All’.
The Pradhan Mantri Awas Yojana (PMAY) is an excellent initiative by the government. If you need detailed information on the entire policy, you can check out the Comprehensive Guide on Pradhan Mantri Awas Yojana
Giving due importance to cities as growth hubs of the country the budget has announced The government has plans to facilitate growth of cities with the help of transit planning and orderly development of non-urban city center's.
Want to learn more about facilitators of easy transit across the country, make sure you read about the Expressways of India, a live testament of the government to improving the nation's infrastructure.
One of the last components with respect to Urban Developments discussed was the Stamp Duty charges levied by cities. In order to promote participation in the real estate sector, the center will urge cities to reduce high stamp duty charges for the overall health of the real estate market in the country.
The Finance Minister has also added a component where the stamp duty charged will be lowered more than the general amount charged for women property buyers.
In addition to reduced stamp duty women property buyers can avail many more advantages especially with home loans. Know in detail about all such benefits with this free guide on Home Loan Benefits for Women.
The budget of 2024 has made Long Term Capital Gain taxes for equity, debt, gold and real estate similar.
This amendment can significantly impact property owners, especially those who purchased assets long ago.
In an effort to curb tax evasion the center has proposed the income from letting out a house to be charged under income from house property and not under 'profits and gains of business and profession'.
A change in the holding period has been announced for REIT investments. The holding period of asset classes identifies whether you will be charged for long term capital gains or short term capital gains.
There was a discrepancy between the holding periods of REITs and Equity assets. Here are the proposed changes as per the union budget 2024
As the curtains rose on the Union Budget 2024-25, a pronounced focus was laid on revitalising the real estate sector - a critical pillar for economic resurgence. Some significant initiatives from the government includes includes increased allocation to the PM Awas Yojana, rental housing for industrial workers, transit oriented developments and encouraging states to reduce stamp duty will positively contribute to the country achieving the goal of 'Housing for All'.
In the past decade India has observed significant improvements in infrastructural developments across major cities. The increased infra developments have been successful in creating a strong push in the residential and commercial real estate of nearby areas. A notable mention in this regard is Atal Setu in Mumbai, regarded as the longest sea bridge in India has successfully reduced the transit time from Mumbai to Navi Mumbai to a mere 30 minutes.
Other such developments such as the Mumbai Metro Line 3, and the Goregaon Mulund Link Road are positively influencing the real estate market especially in Mumbai.
With the real estate market continuing its growth trajectory, Mumbai stands as an excellent investment opportunity to have your own property. If you are also looking to buy your own home in Mumbai, you can check out Buy Flats in Mumbai
Finance Minister Nirmala Sitharaman's blueprint for the real estate sector radiates a holistic approach aimed at fostering sustainable growth. Emphasizing reinforcing the infrastructure that underpins the sector, she projects a trajectory that is inclusive and progressive.
Charting a course towards elevating the real estate industry to a $1 trillion behemoth underlines an ambitious plot in the Union Budget. By mobilising strategic investments and fostering a conducive tax environment, the pathway carved out seeks to escalate the industry’s contribution to the economy, promising a future where real estate stands as a mainstay of economic fortitude.
For investors and developers, the Union Budget 2024 unveils a plethora of opportunities and challenges alike. Embracing this new reality requires a keen understanding of the fiscal landscape, a strategic recalibration of investment portfolios, and a proactive stance on sustainable development. The key takeaway is clear: adaptability and foresight will be paramount in leveraging the budget's offerings to navigate the real estate sector's evolving dynamics.
The Union Budget 2024 serves as a blueprint for sustaining growth in the real estate sector well beyond the immediacy of the current fiscal year. With initiatives like the Awas Yojana Urban 2 and substantial investments earmarked for infrastructure and housing, the foundation for a robust and sustainable sector is being laid. Moreover, the budget’s emphasis on modernizing land records and advocating for GIS mapping points towards the integration of technology, promising a more efficient and transparent real estate landscape. This forward-looking agenda, coupled with a commitment to rural and urban development, underscores the government's vision for a holistic economic upliftment, setting the real estate sector on a trajectory of sustained growth.
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