Budget 2023 Expectations: Will Home Buyers Get More Relief? Here's What Real Estate Sector Wants From FM
Real estate sector in India is expected to grow at a CAGR of 15%, from $60 billion in 2010 to $1,000 billion in 2030. It is expected to contribute 13% of the country’s GDP by 2025.
As per a 2022 report by valuation and consulting firm, RBSA Advisors, the residential real estate sector attained equilibrium in 2021 despite the 2nd wave of Covid-19. Residential investment in India (averaging roughly 3-5% of GDP) contributes to 80% of the real estate market.
As the sector caters to different segments of the society, the government’s focus on affordable housing is expected to further provide an impetus to this segment.
The industry has made some suggestions that they hope would provide a sustained growth to the sector.
For home buyers, lower house prices and low home loan interest rates are some of the key demands.
Himanshu Chaturvedi, chief strategy and growth officer, Tata Projects Ltd., said that the Union Finance Minister should consider several macro-economic factors in the upcoming Budget.