new delhi indian real estate sector has weathered the pandemicinduced strong headwinds and has done considerably well last year with the growth outlook for 2023 projected to be firmbesides the onceinacentury pandemic the realty sector also smartly manoeuvred the rising input costs and the cost of borrowing and a likely recession in some advanced economies going ahead much will depend on property price rise and monetary policy rate hikes both globally and back home in indiaalso the developers will also keep their eyes glued to the upcoming union budget for 202324 the union government is in the process of finalising the budget document to be presented on february 1budget 2023 is likely to be the last full budget of the modi government in its second term with the next lok sabha elections due in aprilmay of 2024 and one would definitely expect bigticket announcements both on taxation and capital investmentdespite the headwinds in the global economy along with the inflationary pressure the challenges are unlikely to impact the housing sector in india in the near term the upcoming budget hopefully will provide homeowners further relief by giving more interest subsidies on taxation said ankur gupta joint managing director of real estate developer ashiana housinggupta added the buoyancy that the sector has witnessed over the past few years is set to continue in the near termaccording to niranjan hiranandani vice chairman of the national real estate development council naredco and a veteran in the sector the industry expects infrastructure status in order to avail cheap longterm credit citing the increase in the cost of borrowings in the highinterest regimeindustry also anticipates boost to rental housing by tax rationalization and impetus to affordable housing by revising cap up to rs 1 cr in the metro cities so that more firsttime homebuyers can avail credit link subsidy scheme benefits hiranandani saidfiscal stimulus to the capitalintensive real estate industry has the capability to fuel economic growth as it has a multiplier effect on the allied segments besides employment generation potentialthat said rising commodity costs including of steel and cement have been a concern for developers with realty being a pricesensitive sectorthe growing rate of interest and the mounting cost of raw materials have the potential to thwart the current growth momentum we expect homeownerfriendly measures will be announced in budget 2023 said aditya kushwaha ceo and director of axis ecorpalso saying that the luxury segment has been outperforming and there has been an increased interest from nris to invest in indian real estate kushwaha said he hopes the government will reconsider the applicable tax deducted at source tds for the nonresidents in particular a move that may help the country build its forex foreign exchange reserveswe are also looking for a reduction in gst slabs for construction materials this will help in combating inflation and rising cost of raw material costs a slight reduction in gst on construction supplies like cement and steel could indirectly assist the real estate industry by reducing