Interim Budget 2024: Will FM address land acquisition hurdles and bureaucratic bottlenecks plaguing stalled projects?

Finance Minister Nirmala Sitharaman is all set to present the Interim Budget 2024 on February 1, expected to balance populist measures and fiscal prudence.

India must simplify land purchase policies and digitize records to prevent complex acquisition processes from derailing projects, suggested Suren Goyal, partner at RPS Group.

Rationalizing taxes, funds access, and compliance rules will also assist developers in mitigating risks from related uncertainties, he added.

The 2024 budget should implement digitized approval systems, mandated timelines, and transparency in departmental processes to ease blockades in the Indian real estate sector, said LC Mittal, Director at Motia Group.

“Bureaucratic red tape has long plagued Indian realty, significantly slowing project deliveries. The 2024 budget should implement digitized approval systems, mandated timelines, and transparency in departmental processes to ease blockades. These overdue reforms will lift builder sentiment and prevent discontinuation of capital-constrained projects,” said LC Mittal.

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Faster environmental clearances, easier land aggregation routes, and transparency in tax/registration procedures can give India's stressed property sector a new lease of life, said Gurmit Singh Arora, National Prеsidеnt, Indian Plumbing Association.

“The budget should ease funding access and compliance loads for builders while upholding quality norms. Structural changes alleviating policy hurdles will resuscitate stalled projects and reaffirm realty’s economic engine role,” added Gurmit Singh.

“Rationalising archaic laws around land acquisition and ownership transfers alongside digital registries will reduce endless paperwork and complexities for developers. The budget should also enforce defined approval timeframes and transparency for government departments. Easing access to construction financing, subsidies, and procedural guidance will empower builders to deliver projects faster,” said Gunjan Goеl, Dirеctor, Goеl Ganga Dеvеlopmеnts.

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