Pyush Lohia, Director, Lohia Worldspace “We are hopeful that the upcoming budget will bring significant changes. We are particularly looking for increased investment in infrastructure and meaningful tax reforms. Easing GST on housing would be a significant step, making homes more affordable and driving demand. These measures are crucial not just for our sector but for broader economic growth, job creation, and supporting small businesses. A balanced approach will pave the way for sustainable development.”

As the union budget is nearing, stakeholders of the country’s real estate sector are increasingly putting forward their demand from the Finance Minister Nirmala Sitharaman. While, their demands are wide-ranging - from reduction in goods & services tax (GST) to removal of regulatory hurdles, one of the key demands that is gaining chorus this time is aid for the faltering affordable housing sector.

Real estate developers are seeking slew of measures including rationalisation of taxes, further allocation to the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund and continuation in the government's support for affordable housing in the upcoming Union Budget to help the sector sustain growth by supporting demand creation.

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The demand for luxury housing in the country of homes priced above Rs 50 crores has shot up 1.5x in the past year, and that of homes priced above Rs 4 crore has increased by 75%, according to a report by JLL India. The takers of these homes are affluent people, who are buying two, three, or four properties. However, they are not willing to lease the extra ones out.

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Additional Secretary of the Ministry of Housing and Urban Affairs, D. Thara, on Friday asked the real estate industry to completely gear up to meet housing-related challenges for the next five years by revisiting their old practices and preparing to invest in rain harvesting and creating play spaces for children in their housing complexes. Additionally, she emphasized provisioning for cool pathways powered by solar energy.

The smart homes market in India is projected to grow by 9.14% from 2024 to 2028, reaching a market volume of USD 9.2 billion. This growth is attributed to the increasing integration of Internet of Things (IoT) devices in homes, which enhance security, energy efficiency, and convenience. Startups specializing in smart home solutions are expected to see substantial growth during this period.

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The Chief Minister of Andhra Pradesh, N Chandrababu Naidu, announced on June 11, a day before his oath-taking ceremony, that Amaravati would be the capital of Andhra Pradesh. Several sectors in the city are expected to witness significant growth and development. Experts and industry leaders shared their insights on the promising future of Amaravati with LiveMint.

The Chief Minister of Andhra Pradesh, N Chandrababu Naidu, announced on June 11, a day before his oath-taking ceremony, that Amaravati would be the capital of Andhra Pradesh. Several sectors in the city are expected to witness significant growth and development. Experts and industry leaders shared their insights on the promising future of Amaravati with LiveMint.

The Smart Homes Market in India is projected to grow by 9.14% from 2024 to 2028, reaching a market volume of USD 9.2 billion. This growth is attributed to the increasing integration of Internet of Things (IoT) devices in homes, which enhance security, energy efficiency, and convenience. Startups specializing in smart home solutions are expected to see substantial growth during this period.

Among other things, Babu throws light on the influx of high net-worth individuals (HNIs) and institutional investors in the residential real estate space, and what can be done to spur growth in affordable housing.

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