What relief will there be from rising house prices? Let us know what is the demand for real estate in this budget.

New Delhi : The pace of the Indian economy seems to be slowing down in the financial year 2024-25. Whose direct impact is affecting every sector of the country. Its biggest impact is on the real estate sector, which is one of the highest employment generating sectors in the country. That is why this sector has high expectations from Finance Minister Nirmala Sitharaman regarding this time's budget. Nirmala Sitharaman is going to present the country's Union Budget on 1 February 2025.

It is being told that Finance Minister Nirmala Sitharaman can take special measures in this budget to increase demand in the real estate sector and some relief can also be given on tax related issues. This can boost the country's economic growth. Let us know what are the expectations of the real estate sector from this time's budget?

Home buyers should get relief

Talking about this, Atul Monga, Founder and CEO of Basic Home Loan, has given a statement that in the Union Budget, tax exemption should be given to those paying home loan EMIs. For example, increasing the cap on principal repayment to Rs 1.5 lakh under section 80C and increasing the exemption on interest under section 24B to Rs 2 lakh could prove to be a good initiative.

He has said that by doing this, home buyers can get relief to a great extent from rising property prices and inflation. Construction material like cement is currently taxed at 28 per cent, its cost can be reduced by reducing it. Home buyers will directly benefit from this. Atul Monga has also said that we hope that the government can give priority to affordable housing in the upcoming budget, so that the dream of buying a house of more and more Indians can come true.

Demand to reduce tax burden

Nimbus Group CEO Sahil Aggarwal has said that tax relief should be given to buyers dreaming of buying a home. He has said that taxes and duties imposed on home buyers should be rationalized. In many states, property prices have increased by more than 12 percent. In the last budget, the Finance Minister had urged the state governments to resolve this issue, but till now no progress has been made in this. We also recommend the government to reconsider and provide relief to the long term capital gains tax on real estate.

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should be given industry status

Nimbus Group CEO Sahil Aggarwal has demanded to give industry status to the real estate sector. He has said that the real estate sector has been waiting for a long time to get the status of industry. If it is given industry status, it will become much easier for developers to raise funds. This may also help them reduce borrowing costs amid rising input and land costs.