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Informative

GST, RERA and Insolvency and Bankruptcy Code Boosted in Robust Recovery of Real Estate: Economic Survey 2023- 2024

Update / Judgement Date

22 Jul 2024

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

RERA & Property Act

Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24, highlighting the robust recovery of the real estate sector. The sector, which accounts for over seven per cent of India's GVA, has rebounded strongly post-pandemic, driven by demand for larger, sustainable homes. Residential real estate sales in 2023 were the highest since 2013, with a 33% YoY growth. The enactment of the Real Estate (Regulation & Development) Act, 2016 (RERA), Goods and Services Tax (GST), and the Insolvency and Bankruptcy Code have enhanced transparency and investor confidence, contributing to the sector's resurgence.