Noida real estate developers are pushing for a multi-pronged approach in the upcoming Union Budget, including a GST cut on cement, “industry status” recognition, and streamlined approvals to revitalize the sector and improve affordability for homebuyers.
With the first Union Budget of Prime Minister Narendra Modi’s third term looming, real estate developers in Noida and Greater Noida are eagerly awaiting announcements that could breathe new life into the sector. A top priority for these builders is a reduction in the Goods and Services Tax (GST) on cement, currently a significant cost contributor at 28%. Relief on this front would translate to lower input costs, ultimately translating into a potential price reduction for homebuyers.
Beyond tax cuts, industry leaders are advocating for the real estate sector to be granted “industry status.” This coveted designation would streamline access to credit and potentially unlock new avenues for growth. Noida developers are optimistic about a broader approach from the government, one that acknowledges the current challenges while also offering solutions.
In addition to potential tax benefits, they hope for a streamlined approval process and a renewed focus on transparency within the real estate market. These measures, coupled with potential tax cuts, could significantly improve the ease of doing business for developers and ultimately benefit homebuyers through increased affordability and project completion efficiency.
