Union Budget 2024 boosts real estate market, allocates Rs 10 lakh crore for urban housing, benefiting one crore poor and middle-class families, developers, and homebuyers.
Finance Minister Nirmala Sitharaman presents Budget 2024, anticipating focus on affordable and middle-class housing. Industry seeks tax breaks, GST concessions, and incentives for developers and buyers.
The real estate industry hopes for tax breaks, a broader definition of affordable housing, and increased retail participation in REITs in Budget 2024.
1% TDS proposed on property transfers exceeding ₹50 lakh in urban areas and ₹20 lakh elsewhere, effective October 1. The move aims to curb unaccounted money.
India's 2024 budget lacks major direct real estate tax changes, but personal income tax cuts may indirectly boost housing demand. The awaited REIT clarification and tax holiday for developers didn't materialize.