Budget Quote from Mr. M. Nanda Kishore, Managing Director, Ramky Estates & Farms Limited

The Union Budget, as presented by Finance Minister Nirmala Sitharaman, introduces several promising measures for the real estate sector. Notably, the streamlined and transparent property registration process, along with the digitalization of land records, is expected to enhance transaction efficiency. Additionally, substantial investments in urban infrastructure development, including metro rail projects and smart cities, are poised to drive growth in metropolitan areas.

The reduction of the Long-Term Capital Gains Tax (LTCG) on property sales from 20% to 12.5% is a welcome wave. However, the removal of the indexation benefit for properties bought after 2001 will certainly impact all if they are holding for more than 3 to 5 years.

Furthermore, the government's continued support for affordable housing schemes, exemplified by increased funding and interest subsidies under the Pradhan Mantri Awas Yojana (PMAY), will provide essential housing solutions for economically weaker sections. The emphasis on rural and semi-urban housing development ensures balanced regional growth, benefiting low-income groups in these areas.

In summary, these initiatives, combined with targeted tax incentives, form a comprehensive strategy to foster a thriving real estate market."