In today's Budget 2024 speech, the Finance Minister unveiled a comprehensive plan aimed at steering the country towards economic stability and growth. The budget prioritizes sustainable development, digital transformation, and social equity, with significant allocations for healthcare, education, and infrastructure. Key highlights include substantial investments in renewable energy and green technology, aimed at reducing the nation’s carbon footprint. The budget also introduces new tax incentives for businesses and relief measures for low- and middle-income families to stimulate economic activity and ease financial pressures. Education and healthcare sectors see a boost in funding to improve access and quality. Emphasizing fiscal responsibility, the budget outlines measures to reduce the national deficit while promoting job creation and innovation. This balanced approach seeks to ensure long-term economic resilience and inclusivity, addressing both immediate needs and future challenges.
*Vikas Garg, Joint Managing Director, Ganga Realty*, commented, “We welcome Budget 2024 wholeheartedly as it introduced PMAY Urban Housing 2.0 with a budget allocation of Rs 10 lakh crore. It will help the lower strata of society residing in slums and ghettos to get a permanent roof over their heads. The central government will incentivize housing projects with financial aid of close to ₹2 lakh crore which will be given to the needy people at subsidized rates. Furthermore, Rental housing was also the cynosure of the Budget which will be built on PPP mode for the amelioration of industrial workers. Moreover, the Budget proclamations raise hopes and aspirations for a bright future ahead in terms of both infrastructure and housing.”
*Neeraj K Mishra, Executive Director, Ganga Realty*, “As one of the largest employment-generating sectors in India, a renewed focus on employment creation in the Union Budget 2024 is noteworthy and will attract upskilled talent in real estate too. It also recognizes infrastructural development as one of the critical growth propellers and promotes state-level infrastructural developments to attract key investments in different parts of the country. With the promulgation of PMAY Urban Housing 2.0 and the earmarking of 10 lakh crore for the programme, the government once again prioritizes its core agenda of achieving Housing for All in Budget 2024. Providing homes at subsidized rates will be instrumental in alleviating thousands of people from a life of poverty and destitution and imbuing their lives with one of the qualitative facilities, which is also a crucial marker of judging the quality of life- housing. While allocating fresh budgets for emboldening housing has become a commonality in Budget announcements, the focus on rental housing for industrial workers, which will be taken up in a PPP mode, comes off as a good surprise and a refreshing step towards promoting diverse forms of housing.”
*Saransh Trehan, Managing Director, Trehan Group*, “In the Budget 20024, the status quo on Infrastructure spending was maintained and comprises ₹11.1 trillion which equals 3.4% of GDP. The essentiality for Housing for All becomes the mainstay for Budget 2024 yet again as the announcement of PMAY Urban Housing 2.0 becomes one of the salient attractions. Under the scheme, the government offers to provide homes at subsidized rates and allocates Rs 10 lakh crore for the initiative. The introduction of Rental housing to be built on PPP mode and upsizing of retail infrastructure will be crucial in empowering the real estate sector and housing segments and promoting all forms of property developments in the metro as well as Tier 2 and 3 cities.”
*Dushyant Singh, Director, Orion One 32*, “The Union Budget 2024 offers some promising roads to development, urbanization, and infrastructural developments. The announcement of Urban Housing 2.0 with a budget allocation of ₹10 lakh crore will secure the lives of thousands of people struggling to make two ends meet and living in makeshift homes in urban cities and towns. The availability of homes at subsidized rates will incentivize them to invest in properties. On the other hand, the government’s focus on rental housing expected to be built on PPP mode is also approbation-worthy and designed to improve living conditions for industrial workers.”
*Mr. Shiven Vikram Bhatia, Executive Director, Splendor Group*, “The Budget 2024 betokens a pivotal moment in India's housing, infrastructure, and real estate sector. The introduction of PMAY Urban Housing 2.0 with an allocation of ₹10 lakh crore underscores the government's unwavering commitment to achieving Housing for All. This substantial investment will not only provide subsidized housing to those in need, uplifting thousands from poverty and enhancing their quality of life, but also stimulate economic activity across the real estate market. Moreover, the Budget's focus on infrastructure development, with strategic investments in roads, railways, and urban amenities, is set to drive robust growth in the real estate sector. The commitment to improving connectivity and urban infrastructure will undoubtedly attract more investment, enhance property values, and improve the living standards of millions. However, a contemplation on rebates on cement rates would have been appreciated, in its entirety, the Union Budget holds doors to enhanced development, growth, and infrastructural progress.”
The conclusion of today's Union Budget 2024 speech underscored the government’s commitment to revitalizing the real estate sector, recognizing its crucial role in the nation's economic development. Emphasizing affordable housing, the budget introduced increased funding for urban and rural housing schemes, aiming to make homeownership more accessible to all socio-economic groups. Tax incentives for first-time homebuyers and reductions in stamp duty were announced to stimulate property purchases. The budget also highlighted measures to streamline regulations and improve transparency in real estate transactions, fostering a more robust and trustworthy market environment. Additionally, significant investments in infrastructure development, such as transportation and utilities, were outlined to enhance the overall livability and connectivity of emerging urban centers. By addressing key challenges and providing substantial support, the Union Budget 2024 aims to bolster the real estate sector, driving economic growth and ensuring sustainable urban development.
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