‘Optimistic that Budget will result in robust and resilient real estate': Jitendra Mehta

July 24th, 2024

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Real Estate will significantly contribute to India’s economic prosperity

BUDGET HIGHLIGHTS:

• Urban Housing: one crore houses for urban poor, allocation of ten lakh crore rupees.
• Enabling policies and regulations for transparent renting house markets
• Services for 100 large cities for urban development
• Street Markets: Svanidhi has transformed lives of street vendors. Support for urban haats
• Stamp Duty: Encourage states to charge high stamp duty to moderate the rates for all. Slashing of duties for women

THANE/ MUMBAI 23 JULY 2024: The Hon’ble Finance Minister in her Budget speech stressed on enhanced spend on infrastructure, focus on job creation and rejuvenating the MSME sector. She also mentioned positive measures related to Income tax, these initiatives will enhance economic growth and increase demand for real estate, said Jitendra Mehta, President, CREDAI MCHI Thane. “With ‘Viksit Bharat’ in mind, the Hon’ble Finance Minister spoke of urban development and infrastructure as being among the key focus areas of the government,” he added.

“Thane’s real estate looks forward to the proposals leading to more home seekers being able to buy their dream home and make it a reality,” he said.

From an industry perspective, the Hon’ble Finance Minister’s announcement about working with the States on a slew of land related reforms, which covers land administration, planning and urban planning and building bye-laws will be a positive. “Assignment a unique Aadhaar for all lands, digitisation of terrestrial maps, survey of lands, and establishment of land registry, with land records in urban areas to be digitised will positively impact real estate,” said Jitendra Mehta.

“In her Budget speech, the Hon’ble Finance Minister mentioned measures to boost PMAY-U; rental housing, Smart Cities and transit-oriented development; these point to positive measures which will bring in growth trajectory for real estate development,” he added.

The focus on enhancing urban infrastructure is ‘in sync’ the real estate sector's goal to promoting balanced regional development while also addressing the challenge of urban migration. “The industry expectation is that projected economic growth and improvement in consumer confidence will positively impact the housing market by encouraging larger numbers of homebuyers to buy their dream homes. I am optimistic that the Budget will result in robust and resilient real estate,” he concluded.

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