Quote on Pre-Budget Expectations

Avneesh Sood - Director, Eros Group

"The 2024 budget holds significant implications for India's real estate sector. While optimism prevails for continued growth, the focus on affordable housing takes center stage. The proposal to increase the qualifying cost for affordable properties and release government-owned lands at reduced rates aligns with inclusive growth objectives. Crucially, the push to raise the tax deduction limit on home loans from Rs. 2 lakhs to Rs. 5 lakh aims to rejuvenate the budget housing segment amidst recent interest rate hikes. Infrastructure development gains prominence, with calls for increased allocations to enhance connectivity and streamline approvals through a single-window clearance system. Notably, data from 2023 reveals resilient market performance, with a record 4.77 lakh housing units sold in major cities. The projected 9.2% Compound Annual Growth Rate from 2023 to 2028 signals long-term potential, but challenges persist in the affordability of the housing segment. The industry awaits budgetary measures to ensure sustained growth, affordability, and streamlined processes, emphasizing the pivotal role of government support and strategic fiscal policies".