The recently released union budget for 2023 has been a major disappointment for the real estate sector. Despite the industry’s strong contribution to the economy, the budget has failed to address the key concerns and requirements of the sector. The lack of adequate funding for the industry shows a lack of understanding and prioritization of the sector’s significance. The real estate industry is in dire need of recognition as an industry, and the absence of this status from the budget is a major let-down. The industry requires policies and reforms that will not only boost it but also make it more accessible and attractive to investors and homebuyers. Tax breaks, single-window clearance, and encouragement of home purchases are some of the crucial reforms that have been ignored in the budget.

Additionally, the lack of rationalization of GST for raw materials has further compounded the problems faced by the industry. The demand for tax concessions for first-time homebuyers and the re-introduction of GST with input tax credits for under-construction properties would have generated a lot of interest among homebuyers. However, this has not been addressed in the budget. One of the biggest demands from the real estate sector is a reduction in home loan rates. This would not only benefit potential homebuyers but also stimulate the demand for housing, which is crucial for the growth of the industry. Unfortunately, this demand has also been ignored in the budget.