The Real Estate Industry Appreciates Announcements Within the Temporary Budget

By Bricksnwall | 2024-02-02

Finance Minister Nirmala Sitharaman pledged during the Interim Budget presentation to assist "deserving" middle-class individuals who were living in rental homes, slums, chawls, or unapproved colonies in purchasing or building their own homes.

Before this year's general elections, Finance Minister Nirmala Sitharaman introduced the Interim Budget, announcing a double-digit increase in infrastructure investment and highlighting the government's "golden moments" ahead. She also put up a plan in her speech that would let people purchase or construct their own homes. This was a stopgap measure to cover short-term expenses until the next administration entered office. However, the emphasis on important industries like real estate became the talk of the town, and responses started to come in.

"We are getting close to reaching the goal of three crore houses with the PM Awas Yojana (Grameen), even with the obstacles caused by Covid." To accommodate the demand brought on by an increase in the number of families, two crore more homes will be built over the course of the next five years," she continued.

Additionally, the Finance Minister pledged to assist "deserving" segments of the middle class who were living in unapproved colonies, slums, or rented homes in order to help them purchase or construct their own homes.

Real estate players greeted the announcement with enthusiasm.

"Navin Dhanuka, managing director and CEO of Bengaluru-based construction company ArisUnitern RE Solutions Pvt Ltd, said that the announcement on a housing scheme for the middle class and the construction of 20 million homes in rural areas is positive news for the real estate and allied sectors, furthering the Housing for All agenda for the country, leading to an inclusive economic growth."

He also applauded the fact that most of the PM Awas residences are now owned by women. "A much-needed social shift is indicated by the high percentage of female ownership in the Pradhan Mantri Awas Yojana. Women's economic empowerment is still vital because India wants to be a developed country where women lead the way," Mr. Dhanuka stated.

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There are a lot of good things in the Interim Budget, according to Angad Bedi, Managing Director of the Delhi-based BCD Group.

"While looking at the cumulative result of what has been presented, I am optimistic that the actual budget will uncover fresh perspectives for the real estate sector, and in the process, the affordable sector will get immense opportunities to recover from the setback that it experienced in the last one or two years," he stated.

Source: NDTV