The Union Budget 2022-23 seemed to be broadly designed to focus more on digitisation, infrastructure, and taxation in the country. Despite no new measures being announced, there were three key areas of focus, which included sustainability, infrastructure, and affordable housing. Industry experts have termed the union budget growth-inducing, which highlighted the role of the real estate sector in the economy.
A sum of Rs. 48,000 crores have been allocated to the Pradhan Mantri Awas Yojana (PMAY) for financial year 2023. With the demand for affordable housing increasing in the recent past, the completion of 80 lakh homes was also announced. This budget reinforced the government’s focus on affordable housing, focusing on the real estate industry and sharply increased capital expenditure.
The allocation of Rs. 20,000 crores for the expansion of the national highway network will also significantly boost infrastructure projects. This Gati Shakti project with a focus on connectivity is directed towards integrated planning and the implementation of connectivity projects. This project is expected to have a positive impact on the real estate sector, eventually opening up newer land parcels.
The union budget also emphasised on sustainable development and focused on action on climate as one of the central themes. There was also mention made that tier 2 and tier 3 must now step up in terms of their development. The boost in development of smaller cities will also give a much-needed fillip to the real estate industry in India.
The major concern of real estate industry experts over the years has been the increase in prices of raw materials. This unfortunately was not addressed in the union budget presentation and remains an issue that has not been touched upon. Overall, the union budget presented a growth-inducing picture to experts in the real estate industry and the future is positive.
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