The Indian government is actively considering the introduction of various tax incentives for homebuyers and granting industry status to the real estate sector in the upcoming Budget 2024. These potential measures are aimed at boosting the housing market and revitalizing the real estate industry, which plays a crucial role in the nation’s economy.

The proposed tax incentives are expected to make homeownership more affordable, thereby encouraging more individuals to invest in residential properties. By providing financial relief to homebuyers, the government aims to stimulate demand and drive growth in the housing sector, which has been recovering from the impacts of the pandemic.

Granting industry status to the real estate sector is another significant consideration. This move would facilitate easier access to financing, attract more investments, and streamline regulatory processes, ultimately contributing to the sector’s overall development. These measures reflect the government’s commitment to supporting the real estate industry and addressing the housing needs of its citizens, with a focus on economic growth and stability.