Budget 2024: 'A Gamechanger For Real Estate,' Hail Developers
July 24th, 2024
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Besides allocating Rs 11 lakh crore for capital expenditure, the government has pledged to maintain strong fiscal support for infrastructure investment.
Mumbai: Energy security and infrastructure have been highlighted as top priorities in the 2024-25 Budget. Besides allocating Rs 11 lakh crore for capital expenditure, the government has pledged to maintain strong fiscal support for infrastructure investment.
Statement Of Real Estate Leaders
Amit Uplenchwar, the director of Kalpataru Projects International Ltd, said that the provision of Rs 1.5 lakh crore for long-term interest free loans to states for infrastructure development is a positive announcement.
Jitendra Mehta, the president of CREDAI MCHI, Thane, lauded the vision of ‘Viksit Bharat’ and said that Thane’s real estate looks forward to more people being able to buy their dream homes.
“The 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 positive,” he said.
Venkatesh Gopalakrishnan, MD and CEO of Shapoorji Pallonji Real Estate, also appreciated the Budget’s strong commitment to strengthening the housing sector.
“The introduction of the PM Awas Yojana-Urban 2.0 is a commendable step towards addressing the housing needs of one crore poor and middle-class families,” he said.
About The PM Awas Yojana-Urban 2.0 Scheme
This scheme, with an investment of Rs 10 lakh crore and central assistance of Rs2.2 lakh crore over the next five years, promises to uplift the housing sector significantly. He added that the increase in the affordable housing deduction for interest paid on loans is a positive change for homebuyers.
Anshuman Magazine, the chairman and CEO-India, South-East Asia, Middle East and Africa, CBRE said that it has been sharply concentrated on infrastructure development, employment generation, housing, MSMEs, and increasing the participation of women in the workforce.
“Specifically for the real estate and infrastructure sectors, the focus continues notably on industrial parks, industrial corridors being set up, Purvodaya, PM Awas Yojana, urban housing, transit-oriented development of cities and creative redevelopment of cities across the country,” he said.
Dr Niranjan Hiranandani, the chairman of Hiranandani and NAREDCO, also welcomed the monumental allocation under the PMAY urban scheme. He also highlighted the innovative initiatives such as GIS mapping, and urban housing for the middle class, combined with workforce skilling. “Additionally, the initiatives taken to boost rental housing, such as the planned setting up of a regulatory framework and the specific creation of dormitory-style rental housing for industrial workers, mark the beginnings of a much-needed rental housing market in the country,” said Shishir Baijal, the chairman and MD of Knight Frank India. CREDAI-MCHI president Domnic Romell, too, felt that the Budget will particularly benefit urban centres like Mumbai, vis-a-vis the real estate sector. “The budget’s focus on Transit-Oriented Development for 14 large cities, including Mumbai, is a game-changer,” he said.
Source: freepressjournal.in
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