Budget 2024: HBA’s response

HBA’s suggestion is for the “Special Guarantee Fund” to be monitored by the Ministry of Finance with an intelligent team undertaking the selection process of responsible housing developers, reputed contractors/builders and white knights who have proven track records and good financial standing.

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Budget 2024 - Mixed reactions from stakeholders

Varied views from a number of stakeholders in the property segment The Association expresses concerns over plans to introduce a 4% flat rate for the stamp duty on memorandum of transfers on purchases by foreign individuals and companies.

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Vacancy tax a bad idea – HBA

Imposing a vacancy tax on developers on these properties will not in any way help to resolve the problem and will only result in new houses being more expensive as developers will pass on the cost of any additional taxes to future launches.

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