Budget 2024: Finance Minister Nirmala Sitharaman is set to present the Union Budget for 2024 on July 23, 2024. This will be the first budget of the Modi 3.0 government. The general public has high expectations from Budget 2024. Not only the common man but also business owners and the real estate sector have their eyes on this budget. The real estate sector, in particular, has significant expectations. Additionally, people hope that the government may reduce interest rates on home loans. Let’s explore what the real estate sector anticipates from Nirmala Sitharaman in this budget.
Tax Relief on Home Loan Interest
Owning a home is a dream for many people. However, due to the lack of a large sum of money, this dream often remains unfulfilled for many. Although banks provide home loan facilities to their customers, high-interest rates make it difficult for borrowers as they have to pay hefty amounts.
Considering this, several experts believe that the tax exemption on home loan interest under Section 24 of the Income Tax Act should be increased from the current ₹2 lakh to ₹5 lakh. This move could help more people realise their dream of owning a home.
Granting Industry Status to the Real Estate Sector
Many experts urge that the real estate sector should be granted industry status. For years, the real estate sector has played a crucial role in driving the country’s economic growth. Amid the rising demand for housing, office spaces, and commercial sectors, the industry looks forward to significant changes from the Union Budget 2024-25.
In recent years, the real estate sector has seen substantial growth. With the increasing demand for housing, office spaces, and commercial properties, it is anticipated that the government may announce significant measures to boost this sector.
Experts Opinions
Several experts suggest that the Finance Ministry should allocate ₹50,000 crore for the second installment of the special window for affordable and middle-income housing (SWAMIH) fund in the upcoming Union Budget for the fiscal year 2024-2025. Additionally, they believe that municipal fees paid to local authorities should be excluded from the GST ambit.
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