Real estate sector seek industry status and fiscal reforms in Budget 2025
NEW DELHI: The Indian real estate sector anticipates transformative policy changes in the upcoming Union Budget 2025, with key stakeholders advocating for industry status, tax reforms, and enhanced financial incentives to boost investment, streamline operations, and stimulate demand across the sector.
Industry status and financial reforms
A long-standing demand of the real estate sector has been the grant of industry status, which stakeholders believe would unlock affordable funding and streamline regulatory processes. Pradeep Aggarwal, founder & chairman, Signature Global (India), emphasized, "Granting industry status to real estate could invigorate over 200 allied sectors, create jobs, and amplify economy.”
Echoing this sentiment, Murali Malayappan, chairman & managing director, Shriram Properties, urged, "Industry status would facilitate affordable streamline approvals, and benefit developers. Additionally, rationalizing GST rates for under-construction properties and reintroducing input tax credit would greatly support the sector."
Manish Mehan, CEO and MD, TK Elevator India, added that the real estate sector needs "enhanced tax reliefs, increased funding, and the long-awaited grant of industry status to realize its full potential.
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