GURUGRAM: The new measures announced in the Union Budget 2023-24 may certainly help unleash the Indian economy’s potential.Also See: Budget Live | Budget 2023 Highlights | Income Tax Slabs The enhanced allocation for PM Awaas Yojana by 66% to over INR 79,000 crore is certainly a boost for affordable housing, which was flagging due to increased input costs and also because the buyers in this segment, mostly from the unorganized sector, were still reeling under the impact of the pandemic.Anuj Puri, chairman of Anarock Group, said “The Budget lays much emphasis on building the infrastructure of the country, with emphasis on last-mile connectivity. Improved urban infrastructure will provide further impetus to Tier 2 & 3 cities. The unwavering focus on infrastructure will indirectly drive real estate growth over the next one year.”As per ANAROCK Research, 2022 saw a trend reversal with the share of new supply in the affordable housing category (The realtors are also upbeat about the budget announcement on multiple factors for the overall growth of the real estate sector.Manoj Gaur, president CREDAI NCR and CMD Gaurs Group, said “An increased capital outlay for a third year in a row to INR 10 lakh crore amounting to 3.3% of the GDP, a hike of 66% to over 79,000 crore for PM Awas Yojana and the 9,000-crore Credit Guarantee Scheme for MSMEs will have a positive multiplier effect on economic growth and help realize the PM’s vision for ‘Housing for All’.”Pradeep Aggarwal, founder and chairman of Signature Global (India) Ltd, said the increased allocation will lead to more housing projects being taken up, in both rural and urban areas. The scheme will provide a much-needed boost to the housing sector and continue to assist those from the EWS and LIG sections of society in owning a home. Moreover, the finance minister announced that infrastructure and investment will be the government’s third priority and capital expenditures will be increased by 33% to accelerate the country’s development.Navin M Raheja, chairman and MD, Raheja Developers, said “Coupled with a 66% hike in the PM Awas Yojana Fund and increased infrastructure spending, this will boost the development of the housing and commercial realty segments. Besides, the budget also nudges the states and cities to take up urban planning, and we expect this to lead to planned real estate development in the country. It will also improve living standards in cities and provide developers with an opportunity to provide better homes.”Surinder Singh, director of GLS Group, said “The Union Budget has unveiled multiple factors for the overall growth of the real estate sector, including a 33% increase in capital investment outlay to Rs 10 lakh crore, as declared by the Finance Minister in her address, and the government’s ambition to make available Rs 10,000 crore p.a. for the urban infra development fund. The per capita income of the country has continued to improve over the years bringing major benefits to the real estate sector. The announcement of income tax relaxation for the income of up to 7 lakh will also be a boon to real estate as this brings a relief to middle-class buyers.”Anubhav Jain, CEO, Silverglades Group, said the expected 7% growth rate, as mentioned by the finance minister in the new budget will boost realty development. “The increased spending on infrastructure, a 66% increase in the PM Awas Yojana Fund and the creation of urban infrastructure development will further aid the real estate sector’s growth. Easing the income tax rate will also leave the taxpayers with more disposable income, which might be invested in the realty sector,” he added.Anand Shukla, MD, Ocean Infraheights (Golden I), said “The announcement for INR 10,000 crore per year for urban infra development fund will provide a major boost to the real estate sector. This will be beneficial for the use of priority sector lending shortfall and will provide robust momentum to the real estate sector. With the enhancement of 66% in the outlay for PM Awaas Yojana, will ensure the protection of housing rights to the grassroot level. Our initiatives in the areas of retail, IT/ITES offices, and residential construction are in line with the goal of promoting sustainable economic development while preserving the environment.”Mohit Mittal, director ROF group, said “Exemptions of taxes up to Rs 7 lakh are a welcome and populous step in promoting the new tax regime, which was introduced in 2020, and improving disposable income, propelling first-time buyers in the salaried class to act on their dream of buying their first home and making it a reality.”Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com, said “Overall, the FM presented an inclusive, growth oriented and fiscally prudent budget. Rationalisation of income tax, especially at the lower end of the income spectrum, would provide extra funds in the hands of middle-class families and alleviate the burden of increasing interest rates. It may also encourage those on the fence to purchase a home, which is the most trusted asset class for Indians. The demand for housing is already very robust, and the Budget 2023-24 would further galvanise growth for India’s real estate sector.”
Source: https://timesofindia.indiatimes.com/city/gurgaon/2023-24-union-budget-affordable-housing-gets-push-focus-on-infrastructure-anarock-group-pm-awaas-yojana/articleshow/97522380.cms