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RE Industry Calls For Tax Relief, Infrastructure Focus In Budget

Ajmera for tax relief for first-time homebuyers

Dhaval Ajmera

RE Industry Calls For Tax Relief, Infrastructure Focus In Budget
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16 Jan 2025 1:30 PM IST

Hyderabad: As India prepares for the upcoming Union Budget, the real estate industry is anticipating key reforms and measures to support its continued growth. In a statement, Dhaval Ajmera, Director of Ajmera Realty Infra India Ltd., outlined several expectations from the government to drive the sector forward. Ajmera stressed the need for tax relief for first-time homebuyers, including deductions and reforms that would make property more affordable for the average Indian. He also highlighted the importance of rationalizing stamp duties and broadening tax reforms to create a more conducive environment for investment.

Another key point was the reinstatement of an updated and clearer definition of affordable housing, which would allow more individuals to benefit from government schemes. “Clarity on tax regulations for Small and Medium-sized Real Estate Investment Trusts (SM REITs), as well as incentives for fractional ownership models, could open new investment avenues,” Ajmera noted, underlining the need for greater financial flexibility in the real estate market.

Ajmera also proposed reducing the Long-Term Capital Gains (LTCG) tax on property from 20% to 10% to ease the financial burden on developers and homebuyers. Additionally, lowering Goods and Services Tax (GST) rates on under-construction properties and raw materials could help curb rising costs.

real estate industry Union Budget affordable housing tax relief investment incentives 
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