Expectations are high for tax reliefs and other sentiment boosters.
The future of the overall real estate industry, a key employment provider, also depends on infrastructure improvements to support and enhance urban living standards.
“Will the government finally decide to give in to the long-standing demand for industry status for the entire housing sector? Will it take ‘real’ measures to revive the affordable housing segment, which has been on a steady decline since the pandemic?” questioned real estate consultancy firm Anarock as part of its wish-list ahead of the much-awaited Budget presentation.
According to Anarock, the Indian housing sector has remained upbeat in 2024 so far, with housing sales and new launches reaching new peaks in the top seven cities. Sales hit an all-time high of about 4.93 lakh units in 2023-24, while 4.47 lakh units were launched.
Anuj Puri, Chairman of ANAROCK Group, said, “However, this momentum must continue in the future too - and the current growth trajectory is skewed towards mid-range and premium housing.”
“Considering the specific housing needs of India’s lower-income groups, this momentum cannot ride solely on higher-priced homes while affordable housing continues to languish,” Puri noted.
This story is from the July 15, 2024 edition of The Business Guardian.
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This story is from the July 15, 2024 edition of The Business Guardian.
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