Budget 2025 Expectations | Need enhanced tax holidays and higher allocations for PMAY-U scheme, says Siddha Group director Samyak Jain

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 Samyak Jain, Director, Siddha Group has to say--

After a year of remarkable performance, the industry needs additional support from the Union Budget 2025-26 to maintain this growth trajectory.

Reinstating the enhanced deduction for interest on home loans would boost housing demand, especially in affordable and mid-segment categories, and encourage greater market participation. Targeted benefits, such as reduced stamp duty or subsidies, can make homeownership accessible to millennials and first-time homebuyers, a vital demographic driving housing demand.

Enhanced tax holidays and higher allocations for PMAY-U scheme will further the 'Housing for All' vision, expediting urban housing development. Tax benefits or subsidies for eco-friendly construction technologies and materials would support sustainable urban development and align with India's environmental goals. Lowering GST on under-construction properties and key materials like cement and steel would make housing more affordable and reduce construction costs.

A single-window clearance system would minimize project delays and reduce costs, enabling developers to deliver more efficiently.

These measures will provide the necessary impetus to the real estate sector, supporting its critical role in economic growth and nation-building.

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.