New Delhi. Budget 2024 Expectation: The budget ( Union Budget 2024 ) is going to be presented tomorrow . The real estate sector and the education sector along with the general public have many expectations from the budget . If we talk about taxpayers, they are also expecting relief. Many people are expecting an increase in the income tax exemption limit, which will reduce the financial burden and increase disposable income especially for the middle class.

Incentives are also expected in key sectors like real estate and education. While real estate is expected to see an increase in demand for housing, the education sector is expected to see improvements in quality education.

Know what the real estate industry has to say

Looking towards the upcoming budget, the real estate sector is expecting several key reforms that will boost growth and efficiency. Giving industry status to real estate will attract investments and simplify regulations.

In addition, increased budget allocation for urban infrastructure and reduction in stamp duty rates for property transactions or exemption in stamp duty for first-time homebuyers will boost real estate. Expanding the definition of affordable housing to include homes up to Rs 75 lakh with a corporate area of ​​90 sq m, and relaunching the CLSS scheme or a similar scheme will provide further benefits to homebuyers.

According to Mukul Bansal, Managing Director, Motijheel, the Indian real estate sector is expanding rapidly and is driven by the growing demand for housing. As we approach the Union Budget 2024-25, a key expectation within the sector is the implementation of a streamlined single-window clearance system as well as the granting of industry status. Addressing these long-standing demands will inject new momentum into the sector. 

Anup Garg, Director Uninav Developers said that taxpayers are hopeful that the income tax exemption limit will be increased in the upcoming budget, which will reduce the financial burden and improve disposable income. Such changes will provide great relief to the middle class, increase spending capacity and boost the economy.

According to MD of Group 108 Amish Bhutani, not just us but everyone has high expectations from the budget. Our demand is that GST should be reduced in the budget. 28% GST has been imposed on cement, steel and aluminium. In such a situation, it should be reduced. This will help in providing affordable houses to the people. 

Other sectors also have many expectations

The contribution of the textile industry is important in providing the highest employment in the country after agriculture. The textile industry has high expectations from the budget. We hope that the government will reduce the minimum investment limit of Rs 100 crore to Rs 25 crore to avail the benefit of the PLI scheme, because most of the entrepreneurs in this sector are micro and small. While reducing the investment limit and government incentives will give new industries a chance to flourish, there will also be better competition.