The Group of Ministers (GoM) on real estate has eliminated GST exemptions on private long-term land leases, a critical step. Tourism firms requesting exemptions are affected by this ruling. The meeting additionally discussed important subjects including housing society construction service taxation.

Indian real estate is hopeful for major improvements when Finance Minister Nirmala Sitharaman presents Budget 2024. The business anxiously awaiting affordable housing definition extension, industry classification, and tax benefits for homebuyers and developers.