A survey conducted by real estate association CREDAI and investment management company Colliers found that the majority of the real estate developers expect tax rationalisation, sops for affordable housing, and single window clearance from Union Budget 2024, slated to be tabled sometime later this month.
Furthermore, as per the survey, developers hoped that GST-related input tax concession and interest rate reduction could provide financial elbowroom to developers and improve the financial viability of real estate projects.
Over the last 2-3 years, the housing market has seen an uptick in demand across the tier I and II cities of the country and developers are optimistic that the momentum is likely to continue in 2024.
As per the Developer Sentiment Survey conducted by CREDAI and Colliers, during April-May 2024, about half of the surveyed developers are confident of buoyant residential demand in 2024.
Amidst strong demand, about 52 per cent of the developers surveyed pan-India expect housing prices to rise in 2024. During 2023, average housing prices across the eight major cities of the country saw a 9 per cent year-on-year rise.
The trend persisted in the first quarter of 2024 with a 10 per cent year-on-year rise and is likely to continue for the rest of the year, albeit at a steady softer pace.
Source: ZEE BUSINESS
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