Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.
“The real estate industry is hopeful about improvements that will boost operational efficiency and serve as growth catalysts as we get closer to the next budget. Homebuyers may benefit greatly from raising the present tax exemption limit on housing loans to ₹5 lakhs to reflect escalating real estate and building expenses. Millions of prospective homebuyers would benefit immediately from this action, which would also increase demand in the industry.
Giving real estate industry status would be equally revolutionary and could revitalize more than 200 related industries. Such acknowledgment will strengthen the sector’s standing as a pillar of the Indian economy by promoting job creation, facilitating skill development, and increasing economic activity.
A major role in India’s transition to “Viksit Bharat 2047” is anticipated for the real estate sector. By lowering developers’ tax obligations, strategic reforms like changes to the GST input tax credit rules may stabilize real estate values and increase housing accessibility. Furthermore, providing a ₹5 lakh subsidy for house loans up to ₹1 crore will provide urban and semi-urban homeowners with vital financial help.
If the government’s “housing-for-all” goal were strengthened and in line with changing market realities, expanding the definition of affordable housing to encompass homes up to ₹1 crore would be a step in the right direction. If put into practice, these changes can unleash enormous potential, driving the industry toward sustainable growth and substantially contributing to the country’s development objectives.
