February 24, 2025

Budget 2025: Measures to Boost Residential Demand and Support Homebuyers

By – Mr. Sudhir Pai, CEO, Magicbricks

As residential demand continues to grow, the upcoming budget presents a critical opportunity to address key measures that can benefit both homebuyers and developers. Revising the affordable housing price limit in metro cities from ₹45 lakh to ₹65 lakh would allow a larger segment of buyers to access government incentives, thereby driving residential demand. Additionally, increasing tax benefits for first-time homebuyers, such as higher deductions on home loan interest, would support aspirations for homeownership while contributing to the growth of the sector.

On the supply side, reducing the GST burden on essential construction materials like cement and steel would enable developers to better manage rising costs, stabilize property prices, and encourage the launch of new projects. Offering subsidies for sustainable construction initiatives, such as green housing, could further reduce property prices over the medium to long term while fostering a more sustainable future.

Furthermore, granting industry status to the real estate sector would streamline regulatory processes and provide developers with improved access to institutional funding. This move would attract increased investments and promote sustainable growth across the sector.

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