Budget 2023 is expected to provide a boost to the real estate industry.

NEW DELHI: One of the most pressing requests from the real estate industry for the upcoming Budget of 2023 is a reduction in home loan rates. With this being Prime Minister Narendra Modi’s final budget before the primary elections in 2024, there are high hopes.

According to Samyak Doshi, director of Bhoomi Group, there should be some tax breaks for first-time homebuyers. The government should think about increasing the Section 24 (b) deduction for home loans from Rs 2 lakh to Rs 5 lakh.

Positive consumer sentiment will result, in creating a stimulus to increase housing demand. Tax breaks and credit subsidy programs should be extended to a broader range of homebuyers.

“Long-term capital gains from the sale of a house should be taxed at 10%. (Provision similar to section 112 for equity shares).

In addition, the period of holding a house property should be whittled down to 12 months from the current 24/36 months in order to qualify as a Long Term Capital Asset “Hirandani Group managing director Niranjan Hiranandani said.

Hiranandani also stated that the ban on subvention strategies should be lifted. The ban does not benefit home buyers because a large portion of them are unable to pay both EMIs on their under-construction housing loans and house rent.

Pritam Chivukula, treasurer of CREDAI-MCHI, believes that the government should reintroduce GST with an input tax credit on under-construction properties, which will lower property rates and generate demand among homebuyers.

According to Venkatesh Gopalkrishnan, CEO of Shapoorji Pallonji Real Estate, the sector is currently reeling from several authorizations from various government authorities, and he urges the government to have all permissions under a single-window clearance.