India's Small and Medium Real Estate Investment Trusts (SM REITs) market is booming, projected to reach $60 billion by 2026. Key cities like Mumbai and Delhi are driving growth, offering stable returns and attracting investors.
The new Union bill enhances transparency in Greater Noida's real estate, empowering homebuyers while addressing builders' concerns amidst rising demand for affordable housing.
Budget 2013-14: Rs.1 lakh interest deduction for first-time home buyers, benefiting middle-income class
The Union Budget 2013-14 provided minimal direct support to the real estate sector, addressing affordable housing slightly and impacting the luxury segment negatively.
The recent budget allows external borrowing for low-cost housing, improving funding availability, but still falls short of the real estate sector's wider expectations.
Budget 2012-13 proposes external commercial borrowing for affordable housing, a Credit Guarantee Trust Fund, and increased Rural Housing Fund provisions. Real estate players express disappointment, citing increased costs from the cement industry tax and service tax hike.
The real estate sector anticipates favorable changes in the Union Budget 2012-13, including increased loan subsidies for affordable housing and enhanced FDI regulations.
CREDAI warns that property prices may rise by 2.5% due to the new service tax implemented from July 1, 2010, which will ultimately burden buyers.
Apartment buyers face additional burden with service tax on under-construction residential projects, developers demand buyers to pay.
The BJP is urging the establishment of a Real Estate Regulatory Authority to protect small investors, highlighting concerns over housing projects and financial security.