Budget Pre-Read — The Indexation Question

Budget Pre-Read — The Indexation Question

Budget on July 23. The single biggest open question for HNI real estate: will LTCG indexation survive? Our July pulse maps the three possible policy outcomes and what each means for your existing portfolio.

Key findings

  • Pre-Budget liquidity event: 31% MoM jump in resale listings above Rs 5cr — HNI families repositioning.
  • Gurgaon GCR-extension premium floors crossing Rs 40,000 psf for the first time on resale.
  • Pre-leased Grade-A Hyderabad Gachibowli cap-rate compressed to 8.0% from 8.4% in April.
  • Plotted Sectors 99-114 (Dwarka Expressway belt) first organised launches at Rs 95-110 psf.
  • RBI MPC: no change, but commentary turns explicitly dovish on H2 FY25.
  • NRI tax planning queries up 4.2x MoM — capital gains reinvestment under Section 54 the No.1 query.

Budget 2024 — Three Scenarios

Indexation kept / removed / partial. What each does to your capital gains math.

Gurgaon Resale Heatmap

Where pre-Budget liquidity is showing — and how to act on it.

Pre-Leased Compression Watch

Hyderabad, Bengaluru, Pune — cap-rate trajectory and entry windows.

NRI Tax-Planning Checklist

Section 54 / 54F / 54EC reinvestment timelines and the DTAA layer.

Verdict and Budget Watch

What to lock before July 23 — and what to wait on until clarity.

EstateVeda Verdict

Lock any pending Section 54 reinvestments before July 23. Hold off new commercial pre-leased commitments until cap-rate signal stabilises post-Budget.

All reports · Research terminal