Gurgaon, 23rd of July, 2024 : Piyush Bothra, Cofounder & CFO, Square Yards , Today’s budget announcement brings several positives for the real estate sector. The allocation of INR 10 lakh crore towards PMAY, plans for transit-oriented development (TOD) in 14 major cities, and a framework for brownfield redevelopment to revitalize older neighborhoods will facilitate the sustainable growth of cities. These measures are expected to invigorate real estate activity, particularly in the residential segment, over the coming year.
However, some critical expectations remain unmet. Revising and expanding the upper tax bracket, currently capped at INR 15 lakh and taxed at a steep 30% under both regimes, and updating the limits for home loan deductions could have further stimulated residential demand and provided additional relief to homebuyers.
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