Real estate players have lauded the Union Budget for its strong emphasis on urbanisation, infrastructure development, and women's empowerment.
Sushil Mohta, president of CREDAI West Bengal and chairman of Merlin Group, praised the government's ambitious goal to increase the real estate sector's GDP contribution from 8 per cent to 13 per cent by 2025.
"The proposed focus on urbanisation is expected to drive growth in this sector," Mohta said.
He highlighted initiatives such as the ₹2.2 lakh-crore allocation for urban housing affordability and ₹10 lakh-crore investment to address the housing needs for the urban poor and middle-class families, including dormitory-style rental housing for industrial workers under the PPP mode.
"Rental housing with dormitory-type accommodation for industrial workers in PPP mode is the need of the hour and will provide better living conditions for industrial workers," he added.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, echoed these sentiments, welcoming the Budget's focus on long-term social and infrastructure development.
He particularly appreciated the ₹10 lakh-crore allocation under the PMAY scheme and initiatives to promote rental housing, alongside regulatory reforms like digitisation of land records and GIS mapping.
"The Union Budget for FY 2024-25 has further strengthened the government's commitment towards long-term social and infrastructure development," Baijal said.
Sahil Saharia, CEO of Bengal Shristi Infrastructure Development Ltd., commended the government's introduction of a new interest subsidy scheme and additional funding for affordable housing, highlighting the PPP model for rental housing aimed at enhancing accessibility and affordability for industrial workers.
Amit Goyal, managing director of India Sotheby's International Realty, welcomed the reduction in long-term capital gains tax, foreseeing it would stimulate liquidity in property transactions and meet investor demands for uniformity in tax rates across asset classes.
Samantak Das, Chief Economist and Head of Research & REIS, India, JLL, expressed support for the Budget's measures to boost housing for all. He emphasised the importance of the ₹1.48 lakh-crore outlay dedicated to employment generation, which should boost incomes for homebuyers in the affordable housing segment.
Das also praised initiatives to boost tourism corridors in states such as Bihar and Odisha and the ₹15,000-crore allocation for the development of the capital of Andhra Pradesh, which will drive real estate development.