Here's A Look At Share Marketers Reaction Over Union Budget 2024-25
July 24th, 2024
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Finance Minister Nirmala Sitharaman, in her seventh consecutive Union Budget for 2024-25, highlighted key priorities of the government.
Finance Minister Nirmala Sitharaman presented the first budget of the Modi 3.0 government on Tuesday, July 23.
Sitharaman announced an increased standard deduction and revised tax rates for salaried individuals under the new tax regime. Additionally, reductions in customs duties on gold, silver, mobile phones, and other goods were introduced.
The Centre's capital expenditure for FY25 is projected at ₹11.1 lakh crore, unchanged from the Interim Budget, with infrastructure spending set at 3.4% of GDP.
Finance Minister Nirmala Sitharaman, in her seventh consecutive Union Budget for 2024-25, highlighted key priorities of the government.
Take a look at how the stock marketers have reacted to the Union Budget 2024-25
Amit Uplenchwar, Director, Kalpataru Projects International Ltd:
"Energy security and infrastructure have been highlighted as top priorities in the budget proposal by the honourable Finance Minister. Alongside the allocation of Rs 11 Lakh Crore for capital expenditure, the government has pledged to maintain strong fiscal support for infrastructure investment. The provision of Rs 1.5 Lakh Crore for long-term interest-free loans to states for infrastructure development is a positive announcement that will significantly boost state-level projects. Moreover, the commitments to enhance private investment in the sector through viability gap funding, enabling policies and regulations, and a market-based financing framework will attract private capital and stimulate business growth within the domestic market."
Jitendra Mehta, President, CREDAI MCHI Thane:
“With ‘Viksit Bharat’ in mind, Finance Minister spoke of urban development and infrastructure as among the key focus areas of the government. 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. The 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 of 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. The measures to boost PMAY-U, rental housing, smart cities and transit-oriented development will bring in growth trajectory for real estate development. I am optimistic that the budget will result in robust and resilient real estate."
Venkatesh Gopalakrishnan, Director Group Promoter’s Office, MD & CEO - Shapoorji Pallonji Real Estate (SPRE): "We appreciate the government's new initiatives in the Budget 2024–25, which show a 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 1 crore poor and middle-class families. This scheme, with an investment of Rs 10 Lakh Crore and central assistance of Rs 2.2 Lakh Crores over the next five years, promises to uplift the housing sector significantly. The expansion of the PMAY scheme is a crucial step towards rejuvenating the affordable housing sector, which is pivotal for sustainable urban development in India. This move will empower developers to innovate and meet the growing demand for affordable homes, thereby fostering socioeconomic stability and equitable housing solutions nationwide. Additionally, the increase in the affordable housing deduction for interest paid on loans is a positive change that will provide much-needed relief to homebuyers and boost the real estate market."
Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE: "We welcome the government’s budget focused on its pursuit of Viksit Bharat. The budget has been sharply concentrated on infrastructure development, employment generation, housing, skill development, MSMEs, and increasing the participation of women in the workforce. Specifically, for the real estate and infrastructure sector, 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. Needs of 1 crore urban poor and middle-class families will be addressed with the announcement of PM Awas Yojana 2.0. Also, the expected revision of stamp duties across states will make property registration more affordable, especially for women. Furthermore, we anticipate that the rental housing market will become more organized, with new policies and regulations enhancing safety, transparency, and availability."
Dr Niranjan Hiranandani– Chairman – Hiranandani and NAREDCO: "India Inc. welcomes the all-encompassing Union Budget 2024 enthusiastically. The monumental allocation of Rs 10 Lakh Crore under the PMAY Urban Scheme, aiming for 3 crore houses, alongside the focus on rental housing through dormitories in industrial parks via the PPP model, and the sanctioning of 12 new industrial parks, underscores a robust vision for urban development. With sustained infrastructure impetus, reflected in the Rs 11.11 Lakh Crore Capex allocation, we anticipate a significant boost in affordable rental housing for industrial laborers. Innovative initiatives such as the digitization of land records, GIS mapping, and urban housing for the middle class, combined with workforce skilling, are expected to have a profound multiplier effect on the burgeoning real estate sector, currently experiencing double-digit growth."
Shishir Baijal, Chairman and Managing Director, Knight Frank India: "We welcome the announcements presented in the Union Budget. The budget for FY 2024-25 has further strengthened the government’s commitment towards long-term social and infrastructure development. The 11.1 Lakh Crore outlay for capital expenditure, which has risen from 3.3% of GDP in FY 2023-24 to 3.4% in FY 2024-25, will continue to support the agenda for the development of railways, roads, and overall logistics infrastructure in the country. The government continues to promote the creation of affordable housing for the masses by allocating Rs 10 Lakh Crore under the aegis of the PMAY scheme. 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. The Rs 1.48 Lakh Crore outlay dedicated to employment generation should play an important role in boosting incomes for homebuyers in the affordable housing segment."
Domnic Romell, President, CREDAI-MCHI: "The Union Budget 2024-25 has brought forth a comprehensive and ambitious vision for the real estate sector, particularly benefiting urban centers like Mumbai. CREDAI-MCHI finds several aspects of the budget to be highly encouraging and potentially transformative. The Union Budget 2024-25 presents a robust framework for the growth and development of the real estate sector. The emphasis on affordable housing, urban infrastructure, industrial development, and digitalization are particularly beneficial for a dynamic and densely populated city like Mumbai. CREDAI-MCHI is optimistic about the opportunities these initiatives will bring to the real estate sector and to the economy. The budget's focus on Transit-Oriented Development (TOD) for 14 large cities, including Mumbai, is a game-changer. TOD plans will not only improve connectivity and reduce congestion but also enhance the liveability and attractiveness of urban areas. By integrating residential and commercial spaces with public transport networks, Mumbai can look forward to more sustainable and efficient urban development."
Keval Valambhia, COO, CREDAI-MCHI: "The Union Budget 2024-25 has introduced a forward-thinking and comprehensive vision for the real estate sector, bringing substantial benefits to urban centers like Mumbai. CREDAI-MCHI applauds the Union Budget for its visionary emphasis on education, skilling, MSMEs and housing. The significant allocation for PM Awas Yojana, urbanization and MSME support are poised to drive India’s and advance the ‘Housing for all’ mission. CREDAI-MCHI is highly encouraged by the budget's potential to transform our industry. The Union Budget 2024-25 lays down a solid framework for the growth and development of the real estate sector. The focus on affordable housing, urban infrastructure, industrial development, and digitalization is especially advantageous for a dynamic and densely populated city like Mumbai. We are optimistic about the opportunities these initiatives will bring to the real estate sector and the broader economy."
Source: freepressjournal.in
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