Pre-budget expectations for the real estate sector by Mr. Samyak Jain, Director, Siddha Group

Following a year marked by impressive performance, stakeholders emphasize the importance of additional support to sustain this upward trajectory from the upcoming budget. This includes tax benefits, easier access to credit, and measures to improve liquidity in the market. A robust real estate sector not only benefits homebuyers and developers but also has a multiplier effect on the broader economy, fostering growth and stability.

Millennials represent a substantial portion of potential homebuyers today. However, increasing property prices and stringent financing options often make homeownership a distant dream for many. We urge the government to introduce targeted schemes that cater specifically to millennials and first-time homebuyers. Making homeownership more accessible to this demographic will not only fulfill their aspirations but also inject fresh demand into the housing market.

Furthermore, there is a pressing call for increased budgetary allocation towards infrastructure development in cities like Mumbai. We expect the budget to allocate more funds towards infrastructure projects. Enhanced infrastructure not only makes urban areas more livable but also unlocks new regions for development. This, in turn, can lead to the creation of new real estate hubs, driving economic activity and providing a boost to the sector.

We anticipate a budget that addresses these key areas, fostering a conducive environment for the real estate sector to thrive. Such measures will undoubtedly contribute to the overall economic growth and development of the country.