The FM favoured to continue with the remarks on the government’s intentions for the future. Finance Minister Nirmala Sitharaman stuck to the script when presenting the Interim Budget 2024–25, making no announcements regarding significant policy changes or economic reforms. She did, however, clearly state that the government will keep pushing for additional expansion and developments over the following five years.

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For those who are unaware, the details of revenue & expenditure are put on hold until a new administration is elected in the interim budgets that are provided prior to the elections.

Let’s examine some of the real estate industry’s budget 2024 hits & misses.

Increase in spending on infrastructure

The expansion of infrastructure has an effect on the sector’s growth. Therefore, better facilities and an atmosphere that encourage the sector to develop new projects are the results of putting more focus on infrastructure expansion.

The government’s primary focus during the Interim Budget remains infrastructure. The benefits of concentrated and ongoing efforts. At a cost of 3.4% of GDP, will trickle down to all real estate divisions. In the near to medium term, Tier II and III cities should anticipate increased real estate activity.

An additional 2 crore homes with PMAY-Rural

Many individuals have found housing thanks to the Pradhan Mantri Awas Yojana. And the government has once again announced that it will build more homes for those without a place to live in the next five years.

Commend the government’s unwavering dedication to encouraging diversity and making sure there are enough housing options for everyone. The Pradhan Mantri Awas Yojana-Gramin has announced plans to build twenty million more dwellings. Showcasing an innovative strategy to increase the availability of affordable housing in rural areas. This strategic move not only helps rural towns meet their housing demands, but it also stimulates the housing industry’s expansion in these areas.

Air connectivity and tourism will expand market opportunities.

Analysts note that the government’s announcement that states will be able to borrow money at zero interest rates to promote tourism will also provide new chances for the industry. It’s possible that buyers of holiday houses will have additional options. Additionally, the Udaan scheme’s introduction of 517 new routes will enable individuals to purchase a home in a rural area for less money.

The introduction of the India Middle-East Europe Economic Corridor and the doubling of airports to 149 indicate a promising future for economic activity and infrastructure. With $596 billion in FDI inflows, the real estate industry expects continued trust from investors worldwide. The integration of rooftop solarization is consistent with the principles of sustainable living and enhances the environmentally conscious real estate market. All things considered; the Budget 2024 creates a revolutionary course for real estate that is in line with goals for national development.

Did the budget miss something out?

The interim budget’s fiscal restraint and continued emphasis on housing and infrastructure set the stage for future success. The interim budget prioritized fiscal caution above making significant announcements, maintaining the fiscal deficit target at 5.1%. Nonetheless, it persisted in advancing the goal for expansion.

When it comes to budget releases, the real estate industry seldom fails to provide some hits and misses. Although there were many expectations, everyone was aware that the administration might not deliver many pleasant surprises because it was an interim budget. However, assuming the government is given the opportunity to deliver the complete budget after the elections. The interim budget has effectively set the tone for its growth programme going forward.

The interim budget presents a constructive outlook for the Indian economy, emphasizing the need to maintain fiscal responsibility. And social welfare while increasing investment, innovation, infrastructure, and sustainable growth. We expect that when the entire budget is approved later this year. The real estate industry and the economy as a whole will benefit in a noticeable way.

The Budget should have addressed certain issues, like the rise in real estate industry input costs. And made it clearer how it intends to lower housing costs for a greater number of people. The industry is still very optimistic that its need will be satisfied shortly. Though, as a complete budget will be release after the elections.

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