The real estate market has grown in 2023, all thanks to the supportive budget for the previous year. The government will pass the interim budget for the upcoming year, leading to the final budget in July post-elections. Everyone is looking eagerly at the importance of real estate in the next budget. As per the sources, the interim budget will focus on infrastructure, leading to positive expectations for the year. Following are more details about the Budget 2024 real estate impact and benefits of new schemes.
Budget 2024 Real Estate expects to have growth in the coming year. The previous year increased the demand and sales of the real estate. It was said to be highest in the last year. The current budget will focus on making the housing more affordable. There can also be some tax relief for the same. The demand is increasing more rapidly in the market. However, the high taxes and buying rates make it reachable to a few sections of society.
The Housing For All is the focus for the current budget. The real estate is an evergreen sector, as the housing will always be a need of the hour. The increase in population will demand more need for infrastructure and apartments.
The focus on infrastructure will not only accomplish the Housing for All but will also increase employment opportunities. The main reason for the increase in demand is the increase in urbanization. More people prefer to come to the cities than earlier. The cities have better studying and work opportunities. It led to the shifting of people from rural to urban areas, leading to more space for the people to live.
The metropolitan areas and tier 1 cities have the most expensive rates due to the availability of all facilities at the places. Apart from that, the government can also increase the maximum limit of deduction from Rs. 2 lakhs to Rs. 5 lakhs on housing loan interest rates.
The real estate sector has several ongoing projects. Recently, DDA launched its housing scheme and pre-booking. It contributed to several flats in the city, leading to maximum booking done on its first day itself. The launch of the budget will explain further benefits and working. We will update you shortly after the interim budget release on 1 February 2024. We hope you get enough details about it above. Keep reading with Businesspatrika for more information.