Budget 2023: Pune real estate sector content with indirect benefits - Hindustan Times
close_game
close_game

Budget 2023: Pune real estate sector content with indirect benefits

Feb 01, 2023 10:23 PM IST

The developers and organisations working in this sector believe that relief in income tax will help to boost the real estate industry

Though the union budget 2023-24 did not provide any direct benefits to the real estate industry, the developers and organisations working in this sector believe that relief in income tax will help to boost the real estate industry.

The union budget 2023-24 did not provide any direct benefits to the real estate industry. (Ravindra Joshi/HT PHOTO)
The union budget 2023-24 did not provide any direct benefits to the real estate industry. (Ravindra Joshi/HT PHOTO)

“With the announcement of lower income tax rates and increased income tax limits, there will be more disposable income in the hands of the middle class,” said Satish Magar, chairman of CREDAI National.

Hindustan Times - your fastest source for breaking news! Read now.

“We need to see the fine print for the 10 crore capital gains cap, but it may be a deterrent to all of the larger cities. However, we did not see any provision for requests we had made, but we are content with this indirect benefit “Magar said.

Anil Pharande, president, CREDAI Pune Metro said, “The budget does not have direct provision to boost the Real Estate sector, however, the eligibility of taking home loans has increased due to recently announced tax benefits. We hope that will help the sector grow further.”

According to Ranjit Naiknavare, vice president of CREDAI Pune Metro, “Though no direct measures or concessions were given to the real estate sector, the common man will benefit indirectly in terms of home-buying. We were also hoping that the interest payout exemption for individuals who take loans would be increased, but instead, the government has put more money in the hands of the middle class, which will ultimately increase their eligibility for loans, which is critical.”

“We had also anticipated an increase to the existing limit of 2 lakh on exemption of interest paid on home loans, but it was not considered,” he added.

According to Arvind Jain, secretary of CREDAI-Pune Metro, “Even though CREDAI-Pune Metro’s demands were not taken into account, the budget had several indirect benefits for the real estate industry. The capital gain cap of 10 crore needs to be read in detail.”

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On