Govind Krishnan Muthukumar, Managing Director & Co-founder, Tridhaatu Realty
Credit: Tridhaatu Realty
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
The real estate sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.
Here's what Govind Krishnan Muthukumar, Managing Director & Co-founder, Tridhaatu Realty has to say--
"The real estate sector anticipates bold measures from the Union Budget to sustain its growth momentum while addressing challenges that impact both developers and homebuyers. The following key areas demand the government’s attention:
--- Increasing the tax deduction limit for housing loan interest under Section 24(b) would provide significant relief to homebuyers and stimulate demand. This move is especially critical to support the mid-income and affordable housing segments, which form the backbone of the sector.
--- Reinstating the tax holiday under Section 80-IBA for affordable housing projects and increasing the income ceiling for beneficiaries under PMAY-U would enhance housing accessibility for economically weaker sections and low-income groups.
--- Introducing a single-window clearance system for project approvals can expedite timelines and reduce carrying costs for developers. This will lead to faster project deliveries, benefiting both developers and end-users.
--- Allocating higher funds for urban infrastructure along with enhanced connectivity through metro rail and road networks will unlock the potential for both residential and commercial developments.
We urge the government to introduce progressive policies that not only boost housing demand but also create a sustainable and transparent ecosystem for all stakeholders in the real estate sector. These steps can transform India’s urban landscape while contributing significantly to the nation's GDP.
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.