The Indian real estate market witnessed unprecedented growth in 2023, surpassing all expectations and setting new records. As the market gears up for 2024, all indicators point to a sustained and robust growth phase, bolstering the nation's economy and investor confidence alike.
The upcoming Union Budget 2024 sets the expectations high for the real estate sector. The developer community expresses its wish list for the government to look into it.
"We are anticipating a growth-oriented budget where real estate thrives as a cornerstone of progress with policies that nurture sustainable development, incentivize innovation, and foster the housing segment with significant tax breaks. The Indian real estate industry rose massively in 2023 with a slew of projects be it residential or commercial. Maintaining similar optimism, we await the Union Budget with the provisions for the single window clearance system for greater transparency and efficiency. We would also like the administration to grant the most awaited 'Industry' status to the real estate sector," said Santosh Agarwal, Executive Director and CFO, Alphacorp.
Despite global economic uncertainties, the sector has shown remarkable resilience and is expected to foster growth through favourable government policies.
