Budget 2024 expectation from Real Estate standpoint by Mr. Amit Jain, Chairman & Managing Director Arkade Developers on Budget 2024

“As the real estate sector evolves with innovative technologies and tailored infrastructure, it is crucial for the sector to have an ‘Industry status’ in the Modi 3.0 budget 2024. It is also critical to include the real estate industry in the GST under a one-nation, one-tax framework. The sector is crucial to the economy, accounting for around 8% of total GDP. It is also the second largest employer after agriculture, and over 200 auxiliary industries rely on it. As a result, the government should take proactive measures to increase demand, rationalize costs, and minimize regulatory bottlenecks. While residential real estate is experiencing a significant surge with historic high numbers, additional tax relief for individuals is essential to combat rising inflationary pressures. This can potentially be accomplished by increasing the deduction for interest on home loans from INR 2 lakhs to INR 5 Lakhs. The current surge in interest rates has resulted in higher Equated Monthly Installments (EMIs) for homebuyers, limiting fund utilization, thereby limiting the potential of the sector at large.”

About Amit Jain, CMD, Arkade Developers: A second-generation entrepreneur and a visionary, Mr. Amit M Jain is the driving force behind the Brand Arkade Group. Torchbearer at Mumbai’s leading real estate developer, he has transformed the way real estate development is looked upon in the industry. His philosophy and the idea to honour commitment and maintain the core ideology of ‘A promise is a promise” has earned the group an inimitable reputation.  A science graduate who took over the reins of the organization in 1996, he has been instrumental in setting up protocols and the group’s operating philosophy that are held strong by the values of human touch and understanding customer needs. His primary focus remains on new project development and playing a key role in land bank development, approvals and merger & acquisitions. As a member of MCHI-CREDAI & NAREDCO, he has been an active contributor to the overall development of the real estate industry with his knowledge, experience, and expertise. To balance work and life, he loves to travel, enjoy cycling, go for a swim, and cherish his passion for luxury cars.

About Arkade Developers: Arkade is a leading real estate developer with a legacy spanning over three decades, renowned for crafting luxurious residential and commercial properties. Building quality homes is about passion more than profession. For over three decades, this has been the working philosophy with which Mr. Mangilal Jain and Mr. Amit Jain have led Arkade to become one of the most respected real estate companies in Mumbai. Under their able leadership, Arkade has come a long way, leaving behind footprints of excellence across the length and breadth of the city. Thanks to their futuristic vision, Arkade as a brand is today synonymous with Trust, Quality, Assurance, Ethics, Transparency and Affordability. Every single residential or commercial property bearing the Arkade insignia is a fine specimen of the highest standards that transcends customer expectations consistently.