Indian real estate employment grew to 7.1 crore in 2023, aided by housing sector expansion and government policies. Initiatives like SWAMIH Fund and RERA played vital roles, contributing to rising housing prices and sector growth prospects.
Ready reckoner rates are crucial for property transactions, aiding in income tax capital gains calculations and stamp duty payments to the state government. These rates are tied to municipal corporation premiums, charges, and floor space index (FSI) rates, typically revised at the start of each financial year.
The Economic Times Real Estate Conclave 2024: The Economic Times Real Estate Conclave & Awards 2024 held in Taj Santacruz, Mumbai on February 23, 2024 witnesses gathering of top real estate stakeholders sharing their views on some of the pertinent issues of the Indian real estate sector.
Kaushal Kishore: Manoj Joshi, secretary, ministry of housing and urban affairs, said that the central government is encouraging all states to increase state property tax, as per the recommendation of the 15th Finance Commission.
India s real estate sector is experiencing a significant shift towards sustainability, with 82% of new Grade A office supply being green certified as of September 2023. The sector is projected to grow at an 18.7% compounded annual growth rate (CAGR) from 2020 to 2030, with a projected market size of USD1 trillion by 2030. This growth is driven by government initiatives, technological integration, sustainability measures, and increased investments.