The Union Budget 2023: What Nirmala Sitharaman can deliver for homebuyers

Union Budget 2023: Infrastructure improvements, such as roads, public transportation, and utilities, can make specific locations more appealing to property purchasers and raise the value of properties in certain areas.

Union Budget 2023 is projected to be the Narendra Modi government’s final full budget in its second term, with the next Lok Sabha elections scheduled for April-May 2024. As Budget Day approaches, Finance Minister Nirmala Sitharaman is receiving various demands from industry stakeholders ranging from taxation to regulation.

“However, I would like to see the government provide further support to homeowners by increasing the income tax deduction for mortgage interest. The government should undoubtedly endeavor to make it easy for people to purchase properties “According to Rohit Gera, Managing Director of Pune-based Gera Developments.

Anuj Sharma, Chief Operating Officer of IMGC, outlined seven pre-budget expectations for property purchasers.

1) First-time home buyer tax exemptions or deductions :

These policies can assist reduce the overall cost of acquiring a property, making it more accessible for first-time buyers.

2) Increased housing scheme allocation:

This can help boost the availability of affordable housing options for house purchasers.

3) Infrastructure development initiatives:

Infrastructure improvements, such as roads, public transportation, and utilities, can make particular locations more appealing to property purchasers and boost the value of properties in those areas.

4) Housing supply-increase measures:

These could include steps to make it easier for developers to establish new housing developments or measures to stimulate the construction of more affordable housing.

5) Real estate market regulation:

This might include steps to control speculation and avoid price inflation, making it simpler for home purchasers to afford properties.

6) Interest rate reductions:

Lower interest rates on house loans might make borrowing money to buy a home more reasonable for home purchasers.

7) Relaxation of house loan rules:

This might include steps such as lowering the needed down payment or modifying home loan eligibility standards, which could make it simpler for home purchasers to acquire financing.

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