By Mr. Samyak Jain, Director, Siddha Group
We hope the upcoming budget 2023 will be the catalyst of good tidings for the Real Estate Sector in the coming year. While the Industry is out of a pandemic-induced hit, it needs boosters to be able to continue its growth.
We look forward to more first-time home buyers having access to affordable housing by availing of credit link subsidy scheme benefits if the government revises the cap further upwards in the metro cities. The Government should introduce tax sops for first-time homebuyers.
We appreciate the government’s genuine efforts in promoting affordable housing. The cap of Rs. 2 lakh per annum against interest rate deduction under section 24(b) of the Act needs to be increased manifold. This along with removing the 45 lakh cap from affordable housing will boost the affordable housing segment in a big way.
We hope the government increases the budget outlay for the development of infrastructure projects in Mumbai. This will improve connectivity and ease of travel for Mumbaikars. Improved infrastructure has a cascading effect on the real estate sector with an expected surge in demand for housing across the city.
People from smaller cities, as well as rural areas, are moving into metro cities in large numbers and therefore demand for housing is all set to rise. Timely government intervention is needed to tap this enormous upward trajectory envisioned in the real estate sector.