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With the Union Budget 2025 presentation just a few days away, various companies and business leaders have been putting forward their views and expectations.
Chairman of housing company Signature Global (India) Ltd expects the upcoming Budget to bring in some reforms to boost growth and raise the tax exemption limit on housing loans.
"As we approach the upcoming budget, the real estate sector remains hopeful for impactful reforms that could serve as growth enablers and improve operational efficiencies. Increasing the current tax exemption limit on housing loans to Rs 5 lakh, considering the rising property prices and construction costs, would provide much-needed relief to homebuyers. This measure could empower millions of aspiring homeowners and fuel demand across the sector," Pradeep Aggarwal, founder & chairman, Signature Global (India) Ltd. said.
"Another transformative step would be granting real estate industry status, which would have a multiplier effect on over 200 allied industries. This recognition would not only stimulate job creation and skill development but also drive economic activity, reinforcing the sector’s critical role in India's economy. The real estate sector is well-positioned to contribute significantly to India's 'Viksit Bharat 2047' vision. Strategic reforms, such as streamlining GST input tax credit rules, could alleviate developers’ tax burdens, helping stabilize property prices and making housing more accessible. Furthermore, introducing a Rs 5 lakh subsidy for housing loans up to RS 1 crore would provide essential financial support to urban and semi-urban homebuyers. Expanding the definition of affordable housing to include properties priced up to Rs 1 crore would reflect the evolving market realities while advancing the government’s housing-for-all mission. These reforms, if implemented, could unlock immense potential for sustainable growth and align the sector’s trajectory with the nation's broader development goals," he said.