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Union Budget 2024-25: Residential and Commercial Real Estate Braces for Higher Taxes on Property Sales

The Union Budget 2024-25 has introduced pivotal changes and strategic investments that promise to significantly impact the real estate sector. While the removal of indexation benefits for properties purchased after 2001 signals higher tax burdens for property sellers, the budget simultaneously unveils substantial allocations and reforms aimed at fostering growth and development within the industry.

Budget Highlights Impacting Real Estate

The budget has notably allocated Rs. 10 lakh crore under the PM Awas Yojana-Urban 2.0, targeting the housing needs of 1 crore poor and middle-class families. This landmark allocation is expected to boost the affordable housing segment and create millions of jobs. Additionally, Rs. 11.11 lakh crore has been earmarked for infrastructural development, with a focus on transit-oriented development and the innovative PPP model for rental housing in urban centers.

Industry Leaders React

Mr. Mohit Goel, Managing Director of Omaxe Group, praised the budget’s comprehensive approach: “Budget 2024 stands out for its people-centric vision and powerfully advancing affordable housing in urban areas with a landmark allocation of Rs. 10 lakh crore under the PM Awas Yojana-Urban 2.0. The allocation of Rs. 11.11 lakh crore for infrastructural development, along with the innovative PPP model for rental housing in urban centers and the strategic push for transit-oriented development showcases a forward-thinking approach. These initiatives will undeniably propel real estate development in the right direction.”

“In essence, the budget represents a strategic economic boost, ensuring India’s macro growth remains resilient amid global uncertainties. By prioritizing key sectors such as skilling, urban development, and infrastructure, this budget injects crucial energy and momentum into the economy,” he added.

Rajjath Goel, Managing Director, MRG Group, highlighted the sustainability focus: “The Union Budget has made an unequivocal statement about its commitment to sustainable urban development, with a sharp increase in finances for projects aimed at improving connectivity and the quality of life in cities. There is a robust framework brought out in the new budget for integrating renewable sources of energy into housing projects in urban areas towards modernizing cities and accommodating the growing urban population effectively.”

Mr. Harinder Singh Hora, Founder Chairman of Reach Group, reflected on the past year’s success and future opportunities: “The real estate sector witnessed a phenomenal year in 2024. Stable interest rates, ample supply, strong economic growth, and the government’s focus on infrastructure development all contributed to a significant boom. As we look towards the future, particularly with the retail sector poised for rapid expansion, ensuring commercial real estate policies that accelerate demand and growth which is further aligned with the government’s commendable goal of promoting entrepreneurship is crucial. Reducing GST on construction materials and implementing a single-window clearance system would be a significant step forward.”

Uddhav Poddar, MD, Bhumika Group, emphasized the impact on commercial real estate: “The emphasis on infrastructural development by allocating Rs. 11.1 lakh crores along with employment generation and skill development will boost real estate development and provide a fillip to the commercial segment. The promulgation of the PPP model for rental housing in urban centres, along with transit-oriented development (TOD), will also promote real estate development.”

Prasoon Chauhan, Founder & CEO, Aurika Homes, focused on affordable housing and infrastructure: “A key highlight of the Union Budget 2024 is the allocation of ₹10 lakh crore to urban housing, which will significantly advance affordable housing and address the needs of middle-class homebuyers. Additionally, the recommendation for state governments to reduce stamp duty is commendable, providing substantial relief to millions of buyers by lowering registry costs.”

Gurpal Singh Chawla, Managing Director, TREVOC, praised the budget’s vision: “The budget embodies a powerful vision for India’s future growth, and we are thrilled to see the government’s strategic focus on infrastructure development, job creation, youth skilling, MSME support, and urban housing. The government’s proposal to reduce stamp duty is a game-changer, offering significant relief to millions of buyers by reducing registration costs. This important move will undoubtedly fuel demand and invigorate the sector, sparking a new wave of growth.”

While the removal of indexation benefits for properties purchased after 2001 introduces higher taxes for sellers, the Union Budget 2024-25 provides a balanced approach with substantial investments in affordable housing, infrastructure, and sustainable urban development. The strategic initiatives outlined in the budget promise to drive growth, create jobs, and enhance the overall real estate landscape, fostering a resilient and inclusive market for the future.

Development of the southern peripheral road (SPR) can trigger the rise of residential and commercial hubs in Gurugram revised

Development of the southern peripheral road (SPR) can trigger the rise of residential and commercial hubs in Gurugram revised

Southern Peripheral Road (SPR) is expected to be the most important and highlighted residential and commercial hubs of Gurugram in the coming/near future, as it features connectivity link to golf course extension road and NH8 along the Sohna road.

 

Southern Peripheral Road (SPR), a 150-meter-wide road, will directly connect the Golf Course Extension Road and National Highway 8, plus the Sohna Road, and is estimated to be the biggest residential and commercial real estate hub of the coming future. SPR has been declared as a National Highway, which means that this stretch’s maintenance will come under the NHAI (National Highways Authority of India) and will be a six-lane expressway. In addition, Metro connectivity is planned along Southern Peripheral Road in the Phase II. The rise of SPR can trigger the rise of residential and commercial hubs in Gurugram, attracting developers to build new projects, giving Assets Deals more opportunities to create sustainable values for both residential and business purposes

 

 

Assets Deals Gurugram is an acclaimed name in the Real Estate Industry, offering top-tier real estate services. From highly trained professionals who help you bring out the best deals for you, to being a helping hand in your property hunt, Asset Deals makes sure to treat you as one of their own. Asset Deals aim to identify unused potential lying in the urban areas and create sustainable values keeping in mind the modern communities with long-term investment opportunities.

SPR’s new sectors include 68, 69, 70, 70A, 71, 72, 73, 74, 74A, 75 & 75A and is expected to trigger the rise of residential and commercial hubs in Gurugram.

SPR will be set to become home to those looking for or shifting to new residencies and/or commercial spaces. The planned development of infrastructure, several residential projects, villas, IT parks, shopping malls, spacious plots, good connectivity, and availability of projects nearing completion, make Southern Peripheral Road in Gurugram a sought-after location for home buyers. The region offers two, three, and four-bedroom apartments, along with numbered villas and plots.

Also, with most of the areas in Gurgaon reaching a saturation point as far as residential and commercial real estate is concerned, such as The Cybercity and Golf Course Road, the development of Southern Peripheral Road can prove to be a new budding location giving the benefit of novel residential and commercial areas.

 

 

According to Mr. VINEET CHELLANI, Director of Asset Deals, said that “Southern Peripheral Road is very well expected to lead to price appreciation in a few years along with spurring huge commercial demand in the future. Hence, investing in the commercial real estate along the Southern Peripheral Road (SPR) may count as a good idea”.

Upon its full completion, The Indira Gandhi International Airport will only be 28 kilometers away from the SPR while the nearest railway station will be 14 kilometers away from the stretch and NH-8 will be accessible in half an hour. Work is in progress for key aspects like water supply, sewage systems, electricity, and landscaping. The Metro Railway connectivity has already been made till Sectors 55-56 and will offer good connectivity options for residents along this stretch.Physical infrastructure too is well ensured through the Golf Course Extension Road, National Highway 48, and Sohna Road nearby while also having a Park Hospital close to the area along with GD Goenka Public School and other leading institutions. Malls such as Raheja Mall and Omaxe Celebration Mall are also located nearby.

 

Many prominent developers such as DLF, TATA, UNITECH, BPTP, SPAZE and M3M have launched their premium projects in this location. M3M, DLF, BPTP have created a huge wave of residential and commercial projects in Gurugram. M3M Cornerwalk, M3M Prive 73, M3M Broadway, are ready to move in commercial projects which provide lease for branded retail shops, commercial spaces and studio apartments under possession period and  Dlf Alameda , M3M Skywalk ,Tata Primanti are the residential skyscrapers with all required premium amenities.

 

Asset Deals awaits the development of the Southern Peripheral Road, and is thrilled to provide their clients with the best of deals and advice on its completion.