Pre-Budget Quote | Mr. Vikas Chaturvedi, CEO-Xanadu Realty

“For the Union 23-24 Budget, we hope to see larger reforms around increasing consumers’ ability to get involved in an RE purchase at each stratum of income bracket. These can range from readjusting tax slabs to increase disposable income (The last one was in 2014), income tax benefit limits on the interest component of second homes to be completely removed, REPO rate stability to keep the rising Home-Loan rates in check, GST reforms that not only bring under construction and RTMI at par but also invigorate the allied industries which supply the raw materials and are still facing the pressure to recover post COVID to FDI relaxation. The liberalisation of section 24 aligned with inflation numbers, single-window clearances, expansion of affordable home’s definition as per the current standards and finally, the industry status for RE are core, and long-standing RE demands which should be looked at as well. While Stamp Duties are a state prerogative, a centralised push on softening could propel the industry forward. I expect this budget to be heavily focused on infrastructure growth, and we hope that this strengthens the asset class’s standing further and increases the retail participation in the coming year.”-Mr. Vikas Chaturvedi, CEO – Xanadu Realty