As expectations build ahead of the Union Budget 2026, real estate industry leaders across Maharashtra are calling for focused policy interventions to strengthen housing affordability, sustain end-user confidence, and accelerate urban and infrastructure-led growth.
Stakeholders believe the sector’s continued contribution to economic expansion, employment generation, and city transformation can be further amplified through enhanced tax incentives for homebuyers, infrastructure status for housing, rationalisation of GST on construction inputs, faster approvals, and sustained investments in connectivity, redevelopment, and sustainable development—measures that together can support balanced, inclusive, and long-term growth across residential, commercial, and luxury segments.
He added, “We strongly urge the government to revisit tax benefits for homebuyers by increasing the deduction limits on home loan interest and principal repayment under Sections 24(b) and 80C, which have remained unchanged for years. Rationalization of GST on construction materials and clarity on input tax credit would also help ease cost pressures. Additionally, faster approvals, policy support for redevelopment and urban housing, and incentives for sustainable and green developments will go a long way in supporting the sector’s long-term, inclusive growth.”
Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory: “As the Union Budget 2026 approaches, the real estate sector will be watching closely for policy continuity and targeted measures that further strengthen housing affordability and sustain end-user confidence. The market has demonstrated strong resilience over the past year, supported by steady sales across major cities and rising participation from genuine homebuyers. In this context, calibrated tax relief for buyers, particularly in the mid-income and affordable segments, such as enhanced deductions on home loan interest and principal, along with a relook at stamp duty and registration charges, could meaningfully ease the cost of ownership and encourage first-time buyers."
"Equally important will be the government’s continued focus on urban infrastructure, metro connectivity, and redevelopment-led growth, which are key to unlocking new demand corridors and improving city livability. Greater clarity and consistency in taxation, including a rational approach to levies on under-construction properties, can further strengthen buyer sentiment and developer confidence. Together, these measures can support balanced, inclusive growth while reinforcing real estate’s role as a stable, long-term contributor to India’s economic and urban development.”
Shilpin Tater, Managing Director, Superb Realty: “The real estate sector continues to be a key driver of economic growth, employment generation, and urban transformation. As we approach the Union Budget, the industry is optimistic about policy measures that enhance project viability and sustain end-user demand across both residential and commercial segments. Granting infrastructure status to housing, improving access to long-term and affordable financing, and facilitating ease of doing business will significantly support developers, especially in urban, redevelopment-led, and mixed-use markets.”
“We also expect the government to address rising construction costs through rationalisation of GST on key building materials and greater clarity on input tax credit. Faster approvals, policy support for redevelopment, and targeted incentives for green and sustainable developments will help improve supply efficiency. In the commercial real estate segment, a stronger budgetary focus on future-ready office and business spaces anchored in thoughtful design, sustainability, employee well-being, and technology integration will be crucial. Incentives for green-certified and energy-efficient buildings, technology-enabled smart workspaces, and continued investment in urban infrastructure will enable developers to create high-quality assets that enhance productivity, occupier experience, and align with evolving business needs and global standards.”
Kamlesh Thakur, Co-Founder & Managing Director, Srishti Group: “Increasing tax benefits for homebuyers and extending interest subsidy schemes will go a long way in supporting genuine end-user demand, particularly in the affordable and mid-income segments. As cities evolve, the focus must shift from mere connectivity to true accessibility. Accelerating critical infrastructure such as the Goregaon–Mulund Link Road, metro corridors, and key arterial routes will unlock new micro-markets and meaningfully compress travel time. From a developer’s perspective, faster regulatory approvals, single-window clearances, improved access to long-term capital, rationalisation of GST on construction materials, and incentives for sustainable development are essential enablers. Together, these measures will empower the sector to deliver high-quality housing while driving inclusive and long-term urban growth.”
Shraddha Kedia-Agarwal, Director, Transcon Developers: “In the forthcoming Union Budget, we expect policy measures that further strengthen housing affordability, provide greater ease of doing business, and support timely project execution. Enhancing tax benefits for homebuyers and ensuring easier access to long-term, low-cost funding will help sustain end-user confidence across housing segments, including luxury housing and mixed-use developments. Luxury residences, quality commercial assets, and India’s strong appeal among NRIs have emerged as important demand drivers, and policy clarity on taxation, repatriation norms, and investment-friendly regulations will further strengthen this segment. Equally important is a focus on accelerating urban infrastructure and redevelopment-led growth. Rationalization of GST on construction inputs, faster approvals, and incentives for sustainable and green developments will enable developers to deliver high-quality urban assets while creating long-term value for homebuyers, investors, and the city.”
Gaurav Varma, Director, ORA Group: “The real estate sector continues to be a vital enabler of urban growth and economic momentum. Strengthening tax incentives for homebuyers and ensuring access to long-term, cost-efficient funding will help sustain healthy end-user demand across segments. In addition to apartments, plotted developments and second homes are witnessing rising interest, driven by improved infrastructure, work-from-anywhere trends, and the aspiration for lifestyle-led ownership. Luxury housing and redevelopment-led projects are gaining strong traction in urban markets, driven by evolving lifestyle preferences and infrastructure-led accessibility. Fast-tracking key infrastructure projects, metro corridors, and arterial road networks will be critical in unlocking new micro-markets and enhancing livability. Rationalization of GST on construction materials, faster approvals, and incentives for sustainable developments will further enable developers to create high-quality residential assets that deliver long-term value to homebuyers and the city.”
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Dhruman Shah, Promoter, Ariha Group: “In the forthcoming Union Budget, we expect policy measures that improve project viability, streamline approvals, and enhance housing affordability for end users. Luxury real estate has emerged as a strong growth segment, driven by discerning buyers seeking larger homes, better amenities, and well-located addresses. Redevelopment projects too have played a crucial role in upgrading ageing urban infrastructure and delivering high-quality urban living. Faster clearances, single-window approvals, rationalization of GST on construction materials, and incentives for sustainable and green developments will significantly ease execution challenges. Continued focus on infrastructure creation and last-mile connectivity will further support redevelopment-led growth and enable the delivery of globally benchmarked residential assets.”
Rajiv Gupta, Managing Director, Wave Group: The Union Budget presents a strong opportunity to accelerate growth in the real estate sector, which remains a vital pillar of India’s economic development. From an industry standpoint, we are confident that the government will continue to strengthen policy support through enhanced tax benefits and rationalised stamp duties where possible. This will enhance affordability and sustain buyer sentiment. Increased budgetary allocations towards infrastructure, urban mobility and smart city development are expected to act as key growth drivers and stimulate end-user demand across markets. Policy measures aimed at improving access to long-term institutional financing and enabling faster regulatory approvals will significantly enhance project execution and delivery efficiencies. A decisive pro-growth budget can provide a meaningful confidence boost to further reinforce real estate’s contribution to employment generation, investment inflows and India’s long-term urban development objectives.
Rakesh Reddy, Director, Aparna Constructions: “India’s real estate sector has the potential to contribute over 15% to the country’s GDP over the medium term, provided the Union Budget 2026 addresses key structural bottlenecks. Stable and predictable policy support will be critical to sustaining demand and improving affordability across housing segments. Targeted fiscal interventions such as enhanced tax benefits on housing loans, rationalisation of long-term capital gains on real estate investments, and a more contemporary definition of affordable housing can meaningfully reduce buyer stress and unlock end-user demand. Equally important is continued policy support that enables credible developers to cater to demand in the luxury and premium housing segments, particularly across major urban centres and fast-emerging markets. While affordability must remain a priority, the premium segment plays a vital role in anchoring investor confidence, enabling large-scale urban development, and supporting employment across the construction and allied value chain. With urban homebuyers facing rising property prices and higher borrowing costs, affordability is likely to be a key focus area in this year’s Budget. In several metros, housing EMIs account for a significant share of household income, underscoring the need for policy recalibration. The current ₹45 lakh cap for affordable housing no longer reflects present-day urban realities. As residential growth increasingly extends to Tier-II and emerging cities, a calibrated revision of this threshold along with faster approvals and improved access to formal finance, could ease repayment pressures, stimulate housing-led consumption across sectors, and support more sustainable and inclusive urban growth.”
Ankur Jalan, CEO, Golden Growth Fund (GGF), a category II Real Estate focused Alternative Investment Fund (AIF): “As we look ahead to Union Budget 2026, our expectations reflect both the challenges and opportunities in India’s real estate sector, particularly in established urban markets like Delhi, Mumbai, Bengaluru etc. We hope the Budget will prioritise measures that strengthen demand-side support, including extension of tax incentives for homebuyer, continued focus on infrastructure investment - especially in urban transport, last-mile connectivity and sustainable utilities that will be vital in boosting the attractiveness and long-term value."
"We also seek policies that encourage institutional capital flows into real estate, such as enhanced incentives for Alternative Investment Funds in order to make it more attractive to investors. Such a move will streamline investments, make it institutionalised and regulated. A balanced, growth-oriented Budget will not only support project execution but also drive confidence among homebuyers and investors alike and boost the Indian economy.”
Lalit Parihar, Managing Director, Aaiji Group: "We expect the Union Budget 2026 to further strengthen infrastructure-led urban development. Continued investment in roads, logistics, airport, bullet train, industrial corridors, and smart city infrastructure will be critical in unlocking the full potential of regions like Dholera as future economic hubs. We also hope for renewed policy focus on Special Economic Zones (SEZs), including greater flexibility and fiscal incentives for developers, to accelerate industrial and mixed-use developments in these regions."
"We look forward to measures that support housing affordability, such as rationalisation of GST, extension of tax incentives for homebuyers, and easier access to institutional finance for developers. Incentives for sustainable and green construction, along with faster approvals and reduced compliance burdens, would further improve project viability. Overall, a balanced Budget combining fiscal discipline with long-term urban planning will help sustain real estate growth, boost investor confidence, and accelerate development across strategically important regions of Gujarat."
Jain points out that while supply has increased across asset classes in recent years, the next phase of growth, especially in retail, will be determined by quality rather than scale. “The retail sector is entering a phase where growth will not only be defined by supply volume but also by infrastructure quality and policy enablement,” he remarks. According to him, structural reforms such as granting industry status to real estate, streamlining approval processes, and creating a predictable operating environment can significantly strengthen the organised retail ecosystem and encourage institutional participation.
While commercial real estate often dominates public discourse around housing and affordability, the commercial real estate segment comprising offices and retail assets has been quietly recalibrating itself toward long-term sustainability. Industry experts observe that demand is now increasingly driven by occupier quality, location efficiency, and asset experience rather than speculative expansion.
Harinder Singh Hora, Founder Chairman, Reach Group, states, "The commercial real estate sector is witnessing strong momentum, powered by India’s expanding services economy and rapidly evolving consumption patterns. From Budget 2026, the industry is looking for reforms that improve ease of development, enhance affordability and encourage long-term capital deployment rather than short-term stimulus,” highlighting the momentum building within commercial real estate, driven by evolving consumption patterns and the expanding services economy.
He further adds, “A faster single-window clearance system, supported by GST clarity and rational taxation, would significantly improve project viability, cost efficiency and investor confidence across office and retail assets. At the same time, sustained infrastructure-led growth through investments in expressways, metro connectivity and urban mobility is essential, as improved connectivity directly drives footfall, occupier demand and asset performance. Together, these measures can accelerate the growth of India’s Grade-A offices, high-street retail and integrated commercial destinations, strengthening their ability to attract global and domestic capital while supporting employment and economic expansion."
These combined measures can accelerate the growth of Grade-A offices, high-street retail, and integrated commercial destinations while strengthening their employment and economic expansion. The retail real estate segment, meanwhile, continues to evolve in response to changing consumer behaviour and lifestyle preferences. Experience-led destinations, food and beverage hubs, and leisure-driven formats are increasingly shaping footfall quality and dwell time.
Sanchit Bhutani, Managing Director, Group 108, believes, “Commercial real estate is gradually settling into a more sustainable growth cycle, with both office and retail segments being driven by quality demand rather than volume-led expansion”. He notes that in retail, particularly, the shift toward experiential formats and curated tenant mixes has resulted in stronger and more consistent footfall, improving asset performance and investor confidence.
However, he states that policy intervention is still needed to improve operational efficiency and ease of doing business within the commercial real estate space. “From Budget 2026, the sector is looking for greater operational ease, including rationalisation of GST on commercial rentals, smoother compliance norms and incentives that support the modernisation of office and retail assets. He believes such measures can enhance asset viability while encouraging reinvestment into existing commercial stock.”
Harjeet Singh Sahni, CMD, Solitairriann Group, echoes this transition toward a more nuanced growth phase. He says, "The commercial property market is moving on to a more complex plane where quality and operational efficiencies are more valued than mere size. Supportive policies, which are able to facilitate greater access to funding, provide rationalisation of taxes on materials used in the development process, and ease the approvals process, would enable developers to invest in the next generation of quality assets. Classification of the sector as an industry would facilitate greater institutional participation, which would help the real estate adhere to further its participation in the country’s growth."
His perspective reinforces a broader industry belief that structural reforms rather than short-term incentives are essential to building resilient commercial assets that align with India’s long-term economic objectives.
Arjun Gehlot, Director, Ambience Mall, believes "Retail real estate has entered a more mature phase, driven by experience-led formats, food and leisure destinations, and higher-quality consumer footfall. As we approach Budget 2026, the sector expects policy support that recognises retail as a key enabler of urban consumption and employment.” also adds, “Enhancing tax incentives for individuals can directly improve consumers’ purchasing power, which in turn has a strong multiplier effect on retail demand and store-level performance. Alongside this, rationalisation of GST on commercial rentals, simplified compliance norms, and incentives for asset upgradation can significantly improve operational viability for organised retail developments.”
Gehlot also highlights the link between consumer purchasing power and retail performance, and he advocates the rationalisation of GST on commercial rentals, simplified compliance norms and incentives for asset upgradation. Lastly, he concludes, “Continued infrastructure investment remains equally critical, as connectivity and urban planning shape catchment growth and footfall quality."
Ajendra Singh, Vice-President, Sales and Marketing, Spectrum@Metro, notes, “Infrastructure remains the quiet engine behind real estate value creation. Every new transit corridor, logistics hub or civic upgrade reshapes how cities expand and where demand migrates. If borrowing costs soften further and approval workflows become more predictable, project feasibility improves without artificial incentives.”
He further adds that clarity in taxation and capital treatment will be instrumental in drawing long-term investors into the sector. “This will ensure greater certainty regarding taxation and the treatment of capital, which will help to attract patient capital not only to residential property development but also to commercial property development,” Singh explains. His perspective reflects a growing sentiment within the industry that structural reforms and procedural predictability often matter more than short-term concessions.
Beyond infrastructure, the sector is also seeking recognition of real estate as a strategic economic pillar, one that influences multiple allied sectors such as cement, steel, logistics, retail, and financial services. With real estate contributing significantly to GDP and employment, stakeholders believe the upcoming budget presents an opportunity to reinforce the sector’s role in long-term economic development.
As global investors remain cautious amid geopolitical and economic uncertainty, India’s ability to attract long term domestic and institutional capital will depend on the regulatory clarity, tax stability and ease of doing business. Industry leaders agree that the predictable policies and infrastructure led growth can position Indian real estates as a resilient and future ready investment designation.
As Budget 2026–27 draws closer, the real estate sector’s expectations remain grounded and pragmatic. Rather than short-term stimulus, the industry is seeking continuous, steady infrastructure investment, streamlined approvals, rational taxation, and policies that reflect the sector’s evolving maturity. If the upcoming budget manages to deliver on these fronts, it could set the stage for a more stable, inclusive, and sustainable real estate ecosystem, one that supports India’s urban growth ambitions while reinforcing its long-term economic trajectory.
Rajiv Gupta, Managing Director, Wave Group: The Union Budget presents a strong opportunity to accelerate growth in the real estate sector, which remains a vital pillar of India’s economic development. From an industry standpoint, we are confident that the government will continue to strengthen policy support through enhanced tax benefits and rationalised stamp duties where possible. This will enhance affordability and sustain buyer sentiment. Increased budgetary allocations towards infrastructure, urban mobility and smart city development are expected to act as key growth drivers and stimulate end-user demand across markets. Policy measures aimed at improving access to long-term institutional financing and enabling faster regulatory approvals will significantly enhance project execution and delivery efficiencies. A decisive pro-growth budget can provide a meaningful confidence boost to further reinforce real estate’s contribution to employment generation, investment inflows and India’s long-term urban development objectives.
Parveen Jain, President, NAREDCO: “The real estate sector plays a critical role in India’s economic growth, employment generation and urban transformation. Rationalising taxation, especially on housing finance, will directly stimulate end-user demand, provide much-needed impetus to a sector grappling with a significant housing shortage, and offer relief to homebuyers impacted by project delays arising from cash flow constraints, while restoring overall buyer confidence.”
Nihar Jayesh Thakkar, Founder, The Mandate House Private Limited: “The real estate sector has witnessed steady momentum driven by improving buyer confidence and increased institutional participation. In the forthcoming Union Budget, we expect policy measures that further enhance transparency, simplify transactions, and strengthen the ease of doing business across the real estate ecosystem. Rationalization of stamp duty, clarity in taxation, and simplified compliance norms will significantly benefit both end users and investors.”
“Commercial real estate and luxury housing continue to attract strong interest, supported by India’s infrastructure push and evolving occupier and lifestyle preferences. From an NRI perspective, greater clarity on taxation, repatriation norms, and investment regulations will further boost cross-border investments. Continued focus on infrastructure-led development, faster execution of key connectivity projects, and policy support for redevelopment will unlock new opportunities across high-value residential and commercial markets, while enabling smoother, more efficient transactions.”
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