Pre-Union Budget 2025-26 Expectations and Quotes from Market Leaders

• *Union Budget 2025 Expectations: Real Estate Sector Pins hope for Industry Status,Tax Incentives & Single-Window Clearance*

The real estate industry expects Budget 2025 to bring about major reforms that will accelerate recovery and growth. Increased funding for affordable housing, improved tax incentives for homebuyers, and the implementation of policies to alleviate developers’ liquidity issues are among the main goals. The sector wants GST for real estate transactions to be simplified, interest on house loans to be free from taxes, and green building projects to be prioritized. In order to foster sustainable urban expansion, the industry also aspires for reforms that would expedite project approvals, attract foreign investment, and increase support for infrastructure development.

• Deepak Kapoor, Director, Gulshan Group, said, “Even though the real estate sector has performed well in the last few years, a large percentage of the population is not yet close to owning a home. As a result, the sector has tremendous future potential, which is dependent on the government and apart from continuing its thrust on economic and infrastructural development also needs new initiatives. To begin with, we would urge the government to combine home loan principal and interest deductions and raise the limit to 5 lakh. Additionally, reducing the holding period for long-term capital gains exemption to two years and enhancing the Section 54EC exemption to Rs 1 crore would be great moves. Expanding REIT’s migration benefits would also encourage growth and investment in the sector. Other initiatives we hope for are making more land banks available for real estate development and a reduction in GST on input materials.”
• Prateek Tiwari, MD, Prateek Group said, “The sector pins high hopes on the upcoming budget. Over the years, the sector has become not only a major employment generator but also a key contributor to the nation’s GDP, with its share expected to grow substantially. Therefore, we anticipate the government to address the long-standing demands including a single-window clearance system and industry status. Fulfilling these demands will strengthen the sector, amplify positive market sentiment, and accelerate its transformative impact on the economy.”
• Kushagra Ansal, Director of Ansal Housing stated that the implementation of a single-window clearance system would significantly reduce the approval time for developers. This would result in faster project completions, enabling homebuyers to receive their homes sooner.”
• As per Ankit Kansal, Managing Director 360 Realtors, “GOI should continue to take strong macroeconomic policies to support MSMEs, job creation, infra push, and liquidity injection. This would not just help the overall economy, but will also support real estate demand. Steps such as tax rationalization, favourable financing climate, reduction in repo rates can be effective steps. Meanwhile there is also need to deploy concentrated polices for the real estate sector, so that the industry can become an Iron pillar for Indian economy.”
• Yash Miglani, Managing Director, Migsun said,“NITI Aayog’s projection of the Indian real estate sector achieving a $1 trillion market size by 2030 underscores its immense growth potential and long-term opportunities. To support this trajectory, the sector seeks government intervention to reduce input costs, particularly for materials like steel, cement, and fuel in the forthcoming budget. Additionally, a reduction in the GST rate on cement and targeted initiatives to promote affordable housing through enhanced tax incentives would provide much-needed impetus to the sector’s growth and affordability.”
• Sanchit Bhutani, Managing Director Group 108 said, “Granting industry status to the real estate sector remains a key demand that we urge the government to address in the forthcoming budget. We anticipate the union budget to include fiscal incentives to stimulate demand and supply. The budget could also introduce a tax incentive under Section 80 C for REIT investors.”
• Ashwani Kumar from Pyramid Infratech said, “While the real estate sector is riding high on positive sentiment, one of the primary expectations of the sector from the forthcoming budget is the grant of industry status. Further, we urge the government to address concerns regarding high taxes on key input materials like cement and steel as they continue to inflate construction costs, impacting project viability.”
• Saurab Saharan, Group Managing Director, HCBS Developments, said, A key expectation of the sector from the upcoming budget is the long-awaited grant of industry status. As a major employer, particularly of unskilled labor, this move would accelerate growth and strengthen the sector’s contribution to the economy. Additionally, the sector looks forward to the introduction of a single-window clearance system to streamline approvals and policies that further make homes more accessible to millions.
• Mr. Prateek Mittal, Executive Director, Sushma Group:

“The upcoming budget offers a chance to make homeownership more attainable by enhancing tax deductions on home loan interest and introducing incentives for first-time buyers. Strategic infrastructure investments in Tier-2 and Tier-3 cities can drive regional growth, boost buyer confidence, and lay a strong foundation for the real estate sector’s sustained development.”

• Mr. Tejpreet Singh Gill, Managing Director, Gillco Group:

“To propel the real estate sector forward, the budget must focus on policy measures that encourage sustainable development. Introducing tax rebates or incentives for adopting green building technologies and renewable energy solutions will align the sector with India’s sustainability goals.”

• Mr. Mukul Bansal, Managing Director, Motiaz Group

To sustain the growth trajectory of the real estate sector, we expect the upcoming budget to focus on strategic policy interventions. Reducing the long-term capital gains holding period to two years and increasing Section 54EC exemptions to ₹1 crore will help attract greater investment into the sector. Additionally, raising the deduction limit under Section 80C for housing loan repayments beyond the current cap will provide much-needed relief to homebuyers. A simplified tax framework is equally important to enhancing the ease of doing business.”

• Piyush Kansal, Executive Director of Royale Estate Group:

“Luxury real estate took center stage in 2024, emerging as a key driver of the sector’s growth. As we move into 2025, we anticipate continued momentum and have high expectations from the upcoming budget. The implementation of a single-window clearance system for real estate approvals would be a game-changer, streamlining processes and minimizing project delays. Additionally, granting industry status to the real estate sector would be a transformative step, attracting greater private investment and accelerating infrastructure development.”

• Neeraj Sharma, MD, Escon Infra Realtors said,”The Union Budget 2025 is expected to deliver financial measures that directly address key challenges in the real estate sector. Enhancing tax incentives under Section 24(b) to alleviate the financial burden on homebuyers, reinstating input tax credit for under-construction properties to reduce construction costs, and revising the affordable housing definition to extend tax benefits are among the sector’s monetary priorities.
• “Vishal Sabharwal, Head Sales, Orris Group, said, ” As a major contributor to India’s GDP, the real estate sector anticipates long-overdue recognition as an industry in the upcoming budget. The sector experienced strong growth in 2024, particularly in luxury housing, reinforcing confidence among affluent buyers. However, industry status and a single-window clearance system remain critical unmet demands for a long time.”

• — Alok Dubey, Chief Finance Officer, Acer India.

“The upcoming budget should prioritize India’s digital and technological growth by focusing on key areas such as AI, machine learning, blockchain, and 5G infrastructure. Strengthening these areas will drive innovation and help bridge the digital divide between urban and rural India. We anticipate measures to boost R&D, semiconductor manufacturing, and green technologies, which are crucial for enhancing India’s position as a global technology hub. Policies that support startups, MSMEs, and local manufacturing—through refined PLI schemes and targeted subsidies—will play a pivotal role in strengthening the ‘Make in India’ initiative and reducing import dependency. Additionally, simplifying tax structures and investing in skill development will empower the tech ecosystem, driving long-term, sustainable growth. We are optimistic about the government’s continued focus on digital transformation, sustainability, and self-reliance, which align with our commitment to innovation and eco-friendly practices.”

• – Ganesh Raju, Founder, Turbostart Global.

“The upcoming budget needs to recognize a crucial shift in India’s startup landscape. While we have mastered software innovation, the next wave of value creation will come from hard-tech – startups solving complex industrial, agricultural, and healthcare challenges. To enable this, we need more than just tax benefits. We should consider creating specialized funding pools for R&D-intensive startups, particularly those working on deep tech solutions. The government could introduce matching funds for early-stage investments in sectors like semiconductor design, biotech, and advanced materials. This would help de-risk private investment in areas that typically have longer gestation periods but higher impact potential. Additionally, simplifying the process for academic institutions to become startup shareholders could unlock a wealth of untapped innovation. Many breakthrough technologies remain within lab walls due to complex commercialization pathways. The focus should shift from creating more startups to enabling the right kind of startups – ones that solve India’s core challenges while building for global markets,”

• Amit Shukla, General Manager – Head of Indian operations at Alma Medical Private Limited

  The aesthetics industry in India is growing fast, thanks to various government initiatives, and the right steps can help it grow even more., For the 2025 Union Budget, we hope to see measures that will further boost the sector and make advanced treatments accessible to more people. Supporting research and development should be a priority. Setting up research hubs or providing funding for innovation can help create safer and more affordable treatments tailored to Indian consumers. While the Make in India initiative has encouraged local production, reducing import duties on raw materials unavailable domestically could lower manufacturing costs and improve quality. Simplifying rules for adopting new technologies is also important. Faster approvals and clearer guidelines would allow clinics to integrate advanced solutions efficiently, ensuring patients benefit from the latest developments. We also recommend offering tax benefits to businesses in this sector, particularly those expanding to smaller cities. This could help bridge the gap in access to advanced procedures for people outside metropolitan areas. Similarly, lowering GST on equipment used in aesthetic treatments would reduce costs, making these procedures more affordable for both providers and consumers. Another critical area is training. Aesthetic procedures require skilled professionals who can operate modern equipment and deliver safe, reliable results. Government programs to train and certify professionals in this field would help meet the growing demand. By taking these steps, the government can help the aesthetics industry grow stronger, improve accessibility, and position India as a global leader in advanced treatments

• Mr. Rajiv Gupta, Managing Director, Wave City Limited.

  Real estate is one of the most critical sectors for building the momentum needed for the overall economic growth rate at 7% plus orbit. To keep the sector in the high growth trajectory, the government should provide incentives such as increasing tax deduction limits, rationalising the GST rate on under-construction properties to 5%, and introducing tax benefits for first-time home buyers. In addition, government should reduce the interest rate for home loan to stimulate the demand in the real estate sector, making housing more affordable and accessible to all”.

• Gunjan Malhotra, co-founder, Komaki Electric- Leading EV 2W &3W manufacturer 

• Kunal Sethi, CEO of The Detailing Mafia—leading car Detailing Brand“In the upcoming budget, the industry is eagerly anticipating crucial reforms that can unlock the true potential of the sector. The auto sector is awaiting simplification and rationalization of GST classifications for auto components. They are expecting a streamlined GST classifications to help create a more competitive environment for all stakeholders. Aimed at easing compliance and enhancing the efficiency of the sector, it will have a cascading effect on supply chain, including businesses where cost structures are influenced by the tax.Likewise, in order to boost domestic manufacturing, Production Linked Incentive (PLI) scheme with more transparency and accountability in the allocation of incentives is expected. Along with this, industry players are also looking forward to policies focused on addressing the challenges impeding the growth of the sector and more developments are expected, giving impetus to electric vehicles in the sector.”

• Vivek Mehra, Co-founder & Chief Sustainability Officer at Onlygood.ai

• Mr. Anthony Fernandes, Founder – Shaalaa.com

” As we approach the Union Budget, key focus areas must include steps to empower education and bridge digital gaps. A reduction in GST on education services is essential to make quality learning more affordable and accessible, especially for middle-class families. Additionally, targeted investments in rural internet infrastructure are critical to bringing underserved communities into the digital economy, enabling them to participate in new-age learning and employment opportunities.

To address India’s growing skills gap, the government should provide incentives for vocational training platforms to foster job-ready talent across sectors. Skilling initiatives, particularly in areas like digital literacy, green energy, and logistics, will drive employability and long-term economic growth.

A future-ready economy requires a workforce equipped with both education and skills. By focusing on reducing education costs, expanding connectivity, and supporting skill-building platforms, the Budget can ensure that India’s youth are prepared for emerging opportunities in a rapidly evolving job market. ”     

• Siddarth Pai, Founding Partner and CFO, 3one4 Capital & Co-Chair, Regulatory Affairs Committee, IVCA

“2024 witnessed quarter on quarter capital formation via AIFs dip to single digits, compared to double digit growth in 2023. AIFs play a crucial role in terms of capital formation in India and investments in the Indian economy. The last budget saw the rationalization of tax rates between listed and unlisted entities, a longstanding ask of Indian AIFs and startups. The need of the hour is clarity and parity: tax clarity on numerous operations of AIFs, such as the characterization of their gains, tax treatment at the end of a fund’s life, how demataterizaliton of Units will play out with the atx code; Parity between foreign and domestic funds in terms of taxation is also required. Both of these will be crucial to attract foreign investors to AIFs; if they see Foreign Funds enjoying better tax treatment in India, they would prefer these foreign vehicles instead of Indian AIFs. This parity will also attract investors and fund managers to GIFT IFSC as it seeks to establish itself firmly amongsgt international financial centres. As the uncertainty around the elections of 2024 has abated, Budget 2025 must deliver on the twin asks of clarity and aprity to allow AIFs to garner capital and kick start a new investment cycle

• Mr. Sandeep Ahuja Global CEO of Atmosphere Living on the pre-budget 2025.

  “The luxury real estate sector in India continues to be on an upward trend and is likely to remain so. Therefore it is of utmost importance to lead on the policies that incentivize buyer involvement. Sustainability incentives will help to increase the resonance of green projects, which correspond to the viability of the projects all over the world, and therefore, they are likely to be sought after. Those steps will contribute not only to the attraction of capital but India will also strengthen its position as the leader in the real estate sector. Apart from that, there is also a necessity for policies that enhance the ease of doing business including a relaxation in the FDI norms. These changes will help boost both local and foreign investments, and thus, the real estate market will become more vibrant. With the right blend of changes, the budget can thus be an engine for prosperity in the long run, and the right investors will be heading to India’s enlarging luxury real estate market.”

• Mr. Gayomard Driver – Executive Director & Group Chief Financial Officer Jeena and Company

“As a key driver of India’s economic growth, the logistics industry anticipates The Union Budget 2025 to prioritize efficiency and innovation. Simplifying GST, accelerating multi-modal logistics parks, and incentivizing green logistics are essential to align with the National Logistics Policy.

While technology will continue to be the transformative power revolutionizing logistics operations and enhancing connectivity; it is equally important to focus on the training and skill development of aspiring professionals to remain competitive in the digital era.” 

• Mr. Jasdeep Singh, Group CEO, CARE Hospitals.

“The Union Budget 2025-26 presents a vital chance to enhance India’s healthcare system. CARE Hospitals urges increased public healthcare funding, rural infrastructure development, and expansion of Ayushman Bharat to outpatient care. Reducing GST on cancer care equipment, revising scheme reimbursements, promoting MedTech innovation, and supporting medical tourism can ensure accessible, quality healthcare for all and position India as a global healthcare hub.”

• Saurabh Marda, Co-founder and Managing Director, Freyr Energy

The Union Budget 2025 is a pivotal moment for India’s solar energy growth. Last year was a a landmark year for the residential solar sector.  It witnessed unprecedented growth driven by the government’ PM Surya Ghar Muft Bijli Yojana. The focus should be on ensuring that sufficient domestic manufacturing capacity is there to fulfil upcoming demand. In addition to this, the entire process of loan evaluation and disbursal for residential solar loans should be digitised. Finally, the government should further streamline/standardize/digitize approvals to speed up system installation and grid connectivity timelines. A forward-thinking budget can provide the clarity and support for these items will go a long way in helping the section meet or even exceed its goals.” 

• Gopal Jain, Managing Partner & Co-Founder, Gaja Capital, and Co-Chair of the Regulatory Affairs Committee, IVCA.

“At the pre-Budget consultation with Hon’ble Finance Minister Smt. Nirmala Sitharaman, IVCA emphasized the need to build on the positive policy momentum from the previous Union Budget to further strengthen the Indian alternate capital ecosystem.

Additionally, unlocking pools of domestic capital remains critical.

By implementing these measures and modernizing regulatory frameworks, India can pave the way for a robust and globally competitive alternative investment landscape. We remain optimistic about the government’s continued support in the upcoming Union Budget.”

• Ashish Sahay, Country Manager & Sales Director – SEA, Wirepas