Pre-Budget quote

Mr. Kalyan Chakrabarti - CEO, EMAAR India

“We are expecting a positive outlook for the real estate sector in the upcoming Interim Budget 2024-25. The sector has shown resilience with sales recovering to almost pre-COVID levels in FY 2023-24. Real estate sector's contribution to India's GDP is expected to ascend into double digit territory in this decade from a current level of approx. 8%. As key stakeholders in the sector, one of our primary expectations is a reduction in GST rates on construction materials to enhance affordability and make home-buying more accessible to the masses. Additionally, we seek an industry status for the real estate sector as this would be a major stride on the infrastructure front by the government. This will further enable developers to lower cost of borrowing and pass on the benefits to customers. The real estate sector is to play a crucial role in India's economic resilience, create jobs and ensure sustainable development in the coming years. As a sector, we are aligned with the nation’s aspirations for inclusive growth and to address ever-green housing needs, thereby contributing to overall progress of the country.”