The luxury real estate market has seen a surge in demand following the Budget 2023 announcement, which included several measures aimed at boosting the real estate sector.
One such measure was the announcement of a new tax policy, which reduces the tax burden on real estate developers and encourages the construction of more affordable housing. This has led to an increase in construction activity and an overall improvement in the real estate market.
In her Budget Speech 2023 on February 1, Finance Minister Nirmala Sitharaman stated, “I propose capping deductions from capital gains on investment in residential house under Section 54 and 54F to Rs 10 crore for better targeting of tax concessions and exemptions.”
Luxury products have a particular target audience, and the market trend has been quite dynamic, according to Aman Nagar, JMD of Paras Buildtech. He also stated that according to consumer behavior, there has been a sharp increase in demand for luxury properties as the next generation of homeowners looks for gated communities with integrated amenities.
The luxury housing market is expected to continue to see strong demand in the coming months, with developers focusing on building more affordable and high-end properties to cater to the growing demand.
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Last modified: July 21, 2023