The residential real estate market in India had astounding progress in 2022, setting new sales records of 68% YoY, further demonstrating the industry s prominence as one of India s fastest-growing industries.
The real estate industry is expected to have strong growth in 2023 as a result of technical advancement, acceptance of digitalization, the accomplishment of infrastructure investments in a stable manner, demand, and NRI investments in the nation.
Over the past couple of years, one of India s fastest-growing industries has been the real estate industry. For PMAY houses, the Union Budget 2023–24 allocates Rs. 79,000 crore which is a rise of 66% from the previous year.
The revised new income tax regime was the showstopper for this budget..FM proposed changing the tax structure in the new regime by reducing the number of slabs to five and increasing the tax exemption limit to ₹3 lakh.