Union Budget 2023: What home buyers expect from Nirmala Sitharaman

Budget 2023 is likely to be the last full budget of the Narendra Modi government in its second term with the next Lok Sabha elections due in April-May of 2024. As Budget day nears, there are varied demands from Finance Minister Nirmala Sitharaman from the industry players – ranging from taxation to regulation.

“For home buyers though, I wish that the government brings in more relief by raising the income tax deduction on interest paid for homes. The government should definitely work towards making it easier for people to buy homes,” Rohit Gera, Managing Director of Pune-focused Gera Developments said.

Anuj Sharma – Chief Operating Officer – IMGC, listed 7 pre-budget-expectations for home  buyers

1) Tax exemptions or deductions for first-time home buyers: These measures can help reduce the overall cost of purchasing a home, making it more affordable for first-time buyers.

2) Increased allocation for housing schemes: This can help increase the availability of affordable housing options for home buyers.

3) Infrastructure development initiatives: Improvements to infrastructure, such as roads, public transport, and utilities, can make certain areas more attractive to home buyers and increase the value of properties in those areas.

4) Measures to increase the supply of housing: This could include initiatives to make it easier for developers to build new housing projects or measures to encourage the construction of more affordable housing.

5) Measures to regulate the real estate market: This could include efforts to curb speculation and prevent price inflation, which could make it easier for home buyers to afford properties.

6) Interest rate reductions: Lower interest rates on home loans can make it more affordable for home buyers to borrow money to purchase a home.

7) Relaxation of rules for availing home loans: This could include measures such as reducing the required down payment or easing eligibility criteria for home loans, which could make it easier for home buyers to secure financing.

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