With a 50% spike in real estate sales in 2022, in comparison with the previous year, experts expect the good streak to continue in 2023.
The Indian real estate market saw a strong comeback post pandemic with the residential sector picking up demand amidst healthy economic growth, a Mint report states. The sector is looking forward to budget 2023 to play a key role in driving the demand for housing through tax relief and lesser stamp duty.
According to Gurmit Singh Arora, national president of Indian Plumbing Association, waivers should be implemented since it is difficult for builders to transfer GST to customers.
With a 50% spike in sales recorded in 2022, in comparison with the previous year, Nakul Mathur, MD at Avanta India, told Mint that the good streak is expected to continue in 2023, too, supported by a healthy economy, growing job market and an increase in per capita income. He suggested reduction of GST on raw materials like cement and steel, better credit for developers, and single window clearance to further boost demand.
Suren Goyal, partner at RPS Group, added that the government should either decrease lending rates or incentivize first-time home buyers with higher deductions in income tax returns.
