Amarjit Bakshi, CMD of Central Park, stated, “In Budget 2023, to incentivise home purchases, the government must consider raising the tax deduction limit for interest on housing loans to Rs 5 lakh from the present limit of 2 lakh per annum for all homebuyers. The government must establish city-wise unit size criteria for housing to factor in the realities of the micro market so that a lot of homebuyers can purchase homes.”

Ankit Kansal, Founder & MD, 360 Realtors, stated, “This Budget, the real estate is looking forward to more industry-centric policies for the sector. Already the demand is booming in the sector and the industry wants the governing agencies to take concentered efforts to further enable growth. The government should increase the limit of claiming an income tax deduction, under the home loan interest policy. Presently, it is Rs 2 lakh and should be increased to Rs 5 Lakh. Likewise, capital gain taxes can be reduced to further boost demand.”

Nayan Raheja from Raheja Developers, stated, “We have high expectations from Financial Budget this year. The Budget should focus on alleviating the real estate sector from ongoing problems. The Finance Ministry should take stock of the insolvency debts of realtors and delays in project deliveries. The Budget should introduce tax remissions on the interest rates of home loans levied by banks which have been triggered by the all-time high inflation rates in previous quarters.”

Ashwani Kumar from Pyramid Infratech, stated, “One of the most consistently voiced Budget 2023 demands is upsurging the limit for deduction for principal repayment of housing loans which is currently capped at Rs 1,50,000, to bolster residential demand and encourage buyers to invest in homes.”

Rajesh Okay Saraf, managing director of Axiom Landbase, stated, “The Budget 2023 demand for increasing the price cap of affordable housing projects seems fair and justified. This will pay dividends for both buyers and developers. The developers assured of certain benefits are more likely to develop affordable housing projects, which will cater to mid-income level buyers.”

Aman Sharma, director of Spaze Group, stated, “The Budget 2023 should reflect upon the aspirations of developers who are still tiding over the turbulence caused by the pandemic. The most crucial demand is to give tax relief to developers to expedite the completion of stalled projects and take a compassionate recourse in times of difficulties.”

Deepak Kapoor, director of Gulshan Group, stated, “The Budget 2023 should mirror the aspirations of the realty sector and support growth-inducing factors. The government should help distressed developers and allocate funds for the completion of stuck projects.”

Dushyant Singh, director of Orion One32, stated, “There is also a strong demand in favour of providing industry status to the real estate sector, which would also approbate taking easy loans and financial amenity assurances from banks. An apparatus of single-window clearance should be set up to augment the real estate sector’s growth in the right direction.”

Salil Kumar, director (advertising & enterprise administration) of CRC Group, stated, “Among others, we are also looking up to the government to take steps to decrease the input costs such as steel and cement, along with fuel costs.As far as tax incentives are concerned, the sector is batting for sops to the home buyers, friendly provisions under capital gains tax investor and increasing tax concessions to home buyers among others.”

Ashwinder R Singh, CEO (residential) of Bhartiya Urban, stated, “Basis Section 80IBA, a 100 per cent tax break for affordable housing projects was available for projects that received approval until March 31, 2022. Developers were able to claim this tax exemption on earnings under the terms of this section, provided they met a number of qualifications, including the approval deadline.”

Harvinder Sikka, managing director of Sikka Group, stated, “With the NITI Aayog forecasting the Indian real estate sector to reach a market size of $1 trillion by 2030, the long-term prospects of the realty remain high. We are looking to the government to decrease the input costs of steel, cement and fuel. Other than these, we need to push for affordable housing and devise tax incentives to help the country realise its housing dreams.”

Pradeep Aggarwal, founder and chairman of Signature Global India, stated, “With interest rates rising, a lot depends on the upcoming Budget 2023 to support and sustain the housing demand. The government should put aside more funds under the stress fund SWAMIH. Policies should be relaxed, or scope of policy should be widened, so that stuck projects can be completed. Subsidy under the Credit Linked Subsidy Scheme (CLSS) has been a big saving and motivation and should be continued to achieve the ‘Housing for All’ mission.”

Atul Banshal, director (finance) of Omaxe, stated, “The Union Budget 2023-24 should consider reducing stamp duty as that will assist it in resuming a robust real estate market and complete housing for all missions for the central government. The government must consider increasing the tax rebate on home mortgage interest from Rs 2 lakh to at least Rs 3 lakh. It is also necessary to have separate deductions for principal repayments, which are currently included under Section 80C. It should also be raised from the current limit of Rs 1.5 lakh to Rs 3 lakh. Currently, there are no regulations governing brokerage fees; neither the buyer nor the developer is required to pay the required commission on each transaction. Consequently, collecting the existing 18% GST rate on brokerage services falls solely on realtors. Thus, real estate brokerage services must be brought on par with other service providers by lowering the GST rate to a more manageable 5% as this tax cut could encourage more realty agents to join the tax system, benefiting the government’s revenue collection.”

Pankaj Bansal of M3M India, stated, “The middle-class has been looking to increase its disposable income to increase its investment in real-estate, particularly the residential sector. This investment can grow multi-fold if the Union Budget 2023-24 brings in considerable relaxation in tax benefits on home-loans. Further, buyers who want to own bigger flats and are looking to sell their existing properties are also reluctant due to stringent capital-gains tax. Gains from the sale of real estate held for over two years are subject to a long-term capital-gains tax of 20%. This should be set at least at 10%. Additionally, the upcoming budget must lower the holding time for property from the current 24 to 36 months to 12 months in order to qualify it as a long- term capital asset. Such measures would certainly give the much desired boom to the economy.”

Santosh Agarwal, CFO and govt director of Alpha Corp, stated, “We’re looking forward to a revolutionary Union Budget that focuses on strengthening the real estate sector’s role in India’s economic growth and making the market more appealing to investors and customers. The government should consider expanding income tax benefits in order to make them more lucrative. We expect the maximum tax rate of 30 per cent should be reduced to 25% to improve the buying power of the individuals and interest rate saving cap should be increased from the present Rs 2.5 lakh to Rs 5 lakh.”