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Union Budget 2023-24 expectation: Surendra Hiranandani, CMD, House of Hiranandani

Union Budget 2023-24 expectation: Surendra Hiranandani, CMD, House of Hiranandani

The real estate sector is looking forward to the Union Budget 2023-24 in order to maintain the growth momentum that began last year. The primary goal of this budget must be to achieve GDP growth of 6.5-7 percent in a year when many global economies may experience a recession.
We anticipate a bold, growth-oriented budget, with announcements that will encourage capital investment and FDI inflows into India. To begin, in order to encourage homeowners, particularly first-time purchasers, the government could enhance the mortgage interest tax deduction ceiling, providing these buyers with tax relief. Furthermore, the highest tax rate of 30% is hoped to be reduced to 25%.
With more than half of India's 2030 real estate stock still unfinished, the real estate sector has a great chance to become greener, reducing energy consumption and embodied carbon emissions and meeting the ever-growing energy needs of buildings.
To promote the sector, the Union budget should further incentivize investments in green technologies. Investing in green infrastructure like renewable energy sources, city planning, architectural codes, and infrastructure regulations, will demonstrate the importance of focusing on developing technologically advanced and planned cities for a contemporary India.


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