Image Source : PIXABAY Homebuyers are hopeful that this Budget will have a higher budget allocation for government initiatives.
Budget 2025: Homebuyers were not happy with the Budget 2024-25 as it did not address concerns like high interest rates on home loans and the annual increase in stamp duty charges. Homebuyers are now expecting some announcements from Finance Minister Nirmala Sitharaman that will enhance affordability.
Budget 2025: Here’s what homebuyers expect –
Homebuyers are hopeful that this Budget will have a higher budget allocation for government initiatives like the Pradhan Mantri Awas Yojana (PMAY-U). Also, they want the loan-linked subsidy to be extended as it would promote first-time buyers.
They also want a simplified Goods and Services Tax (GST) framework as homebuyers feel that there are several ambiguities right now.
The other major concern of homebuyers is high stamp duties. Homebuyers in certain states face stamp duties of up to 8-9 per cent. High stamp duties increase the cost of the property significantly. They are hopeful that the Finance Minister may announce more uniform and reduced rates.
Also, they want the government to revise the tax deduction limits under Sections 80C and 24(b). At present, homebuyers can have a Rs 1.5 lakh deduction for home loan principal repayment. An exemption of Rs lakh is provided on interest repayment of self-occupied properties.
Meanwhile, the Economic Survey stated that the Indian real estate market has performed well on strong demand from across the country driven by economic stability and the creation of physical infrastructure like roads and metro networks.
The document, which was tabled in Parliament on Friday, also highlighted that the real estate law RERA and goods and services tax (GST) have brought many benefits to the real estate sector.
“India’s real estate market witnessed robust performance under office demand as well as residential sales driven by economic stability and positive market sentiment,” the Survey said.
The demand for real estate is emerging not only in tier 1 and tier 2 cities but across the country due to the expansion of metro networks, enhancement to road networks, and improvements in connectivity, it added.
