This year’s budget was holding high demands and expectations from everyone especially, the construction and real estate sectors. Gaur City 14th Avenue Apartments, But initially it displeased the real estate industry. The Finance Minister addressed the budget keeping the universal motto highlighted that calls- Sabka Vikas and Housing for all by 2024. Real Estate Expert Greater Noida West, Director at Gaursons India Developments finds major pros and cons and its impact on the construction sector. He says that while short term gains may not be in sight, but long term benefits are on the horizon. He further mentions that the budget was evenly balanced and tried to pacify all sectors.
We all are aware of the hardships experienced by the real estate industry from the last few years. Gaur City 14th Avenue Apartments, The stacked up inventories reduced sales, and much more are affecting this infrastructure business. The budget invoked a mix response from the realty sector. While the entire industry was elated with the government’s continued emphasis on affordable housing and tax holiday proposals. Still, it has the inadequacy of specific steps to fix the liquidity crisis faced by the realty sector. The main pointers highlighted for this sector can be summed up as: Budget allocation to housing and urban affair as well as the government’s flagship scheme PMAY observed an extension of 18.39% and 8.5% respectively. The government is maintained its focus on “affordable housing”. The budget proposed to extend “tax holiday” to builders engaged in developing affordable housing projects. This proposal seems to help for famed developers such as Gaursons India Developments. The group holds a significant place in the affordable housing section of Greater Noida West’s real estate. Gaur City 14th Avenue Resale / Gaur Yamuna City Resale / Legacy by Gaurs Greater Noida / Gaur Atulyam Resale
The budget also provides a concession to real estate transactions by increasing the circle rate limit to 10% from the existing 5%, thus providing tax benefit from capital gains. Gaur City 14th Avenue Apartments, An additional discount of 1.5 lakh for interest paid on home loans is raised by one more year to boost the purchase of affordable projects. Real Estate Expert Greater Noida West considers it to be a strong factor in supporting the demands, which is coupled with the introduction of new personal income tax slab rates. Cooperative societies and NBFC too received monetary incentive in form of concessional tax rates. This freedom from the ambit of Minimum Alternate Tax (MAT) and reduction of asset and loan size makes it eligible for debt recovery under SARFAESI act, 2024.
Talking about the contradictions, the crisis that was aired in the year 2024 with the launch of RERA, GST and NBFC’s has still not expedited with this year’s budget. Gaur City 14th Avenue Apartments, The government tried hard to walk with an equitable approach to control the hardships of this industry. Moreover, these budgetary sops are expected to support the development of under saturated residential hotspots in Greater Noida West such as Noida sector 18, Noida city centre, Noida Sector 132 and Pari Chowk. Through Gaursons India Development reviews, the first time home buyers can get a satisfactory view of ideas about the various budgetary concessions and schemes available at their disposal to cherish dreams.