Jitendra Mehta of CREDAI MCHI Thane anticipates significant strides in India's 'Housing for All' initiative with the upcoming budget. Mehta emphasizes the need for GST set-offs on redevelopment projects to ease tax burdens and enhance project viability. Improved infrastructure funding in cities like Thane could further spur housing accessibility and affordability. The real estate sector awaits policy incentives that could bolster investor and buyer confidence. With hopes high for targeted measures, industry leaders envision the budget as a catalyst for robust growth in Thane's real estate market and nationwide.
The upcoming Union Budget presents a significant opportunity for the Government of India to accelerate its 'Housing for All' initiative, according to Jitendra Mehta, President of CREDAI MCHI Thane. Mehta expressed optimism that the budget, to be presented by Finance Minister Nirmala Sitharaman, will introduce measures to benefit both homebuyers and real estate developers.
"Indian real estate sector - and Thane's real estate - look forward to measures that boost the scenario for both, homebuyers and real estate developers," he added.
One of the main issues highlighted by Mehta is the need for a GST set-off on redevelopment projects. Currently, the notional value of free flats given in redevelopment projects is subject to taxation, which Mehta believes the finance minister should address in this budget. This adjustment would provide significant relief to developers and make redevelopment projects more financially viable.
Mehta emphasised the importance of policy initiatives that could improve sentiment in the housing sector. These policies are expected to directly boost the economy by stimulating demand for housing and encouraging investment in real estate.
Developing infrastructure such as roads, public transport, metros, waterways, tunnels, and railways plays a crucial role in expanding metropolitan areas and supporting affordable housing. Mehta pointed out that Thane has greatly benefited from infrastructure growth and hopes that the Union Budget will allocate more funds for infrastructure projects in the city. This would not only enhance connectivity but also make housing more accessible and affordable.
The real estate sector in India, particularly in Thane, is looking for measures that will boost confidence among both homebuyers and developers. The introduction of favourable policies and incentives in the budget could lead to increased investment in the housing sector, thereby supporting the overall growth of the real estate market.
In summary, the upcoming Union Budget is seen as a pivotal moment for the Indian real estate sector. Jitendra Mehta and other industry leaders are hopeful that the budget will address critical issues and introduce measures to stimulate growth, enhance infrastructure, and support the 'Housing for All' initiative. This could pave the way for a more robust and resilient real estate market in Thane and across India.
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