Budget pinches homebuyers, earns praise of real estate developers
The Union Budget 2024-25 has left homebuyers disappointed, as it did not address concerns like high interest rates on home loans and the annual increase in stamp duty charges, while real estate developers lauded the Budget.
Apartment Owners Associations in Noida and Greater Noida in the national capital region believe revoking indexation benefits in property deals will be a big setback for homebuyers.
"This budget has left homebuyers disappointed, with no specific provisions or reliefs offered for them. Despite the high interest rates on home loans and the annual increase in stamp duty charges, the budget did not address these concerns," said Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA).
Noida along with Greater Noida adjoining Delhi in the national capital region has thousands of distressed homebuyers and stuck housing projects.
Rajiva Singh, president of Noida Federation of Apartment Owners Association (NOFAA) believed the budget revoking