New Delhi. Finance Minister Nirmala Sitharaman is going to present the first full budget of Modi 3.0 at the end of July. In this, rules and policies will be made for all sectors. Representatives of many sectors are meeting the Finance Minister and making her aware of their demands and suggestions.

The real estate sector also has high expectations from the budget. Especially, at a time when the demand for residential houses is gaining momentum. The government has also announced to build about 3 crore houses under the Pradhan Mantri Awas Yojana. The real estate sector is also expected to benefit from this.

Pradeep Aggarwal, founder and chairman of real estate company Signature Global (India) Ltd, hopes that the government will give industry status to the real estate sector in the budget, which will increase investment and also improve regulation. He said, 'If a single window clearance system is introduced, projects will get approval quickly. This will reduce cases of delay in projects.'

Aggarwal also pointed out the need for re-evaluation of GST input tax credit. He said that this will reduce the cost of property and increase transparency. Aggarwal suggested increasing the exemption of interest on home loan under section 24 to Rs 5 lakh. He said that if the government provides exemption from stamp duty to first time home buyers, then the demand in the real estate sector will pick up.

Srinivas Rao, CEO of real estate consultant firm Vestian, also considers industry status necessary for the real estate sector. He says that giving industry status to real estate will make funds easily available and participation of foreign investors will increase. Srinivas said, 'It is clear from the announcements of the interim budget that the government will promote infrastructure to make India a $5 trillion economy, so that the dream of making India a developed country by 2047 can be realized. The role of the real estate sector is going to be very important in achieving this goal.'

Rao further said, "In the third term, the government has already announced to build 3 crore houses under PMAY. This shows that the government has a very positive outlook towards the real estate sector. If the government increases the tax exemption limit on home loans in the budget of 2024-25, then the demand for residential units is expected to increase further."