Thursday, Dec 5 2024 | Time 11:28 Hrs(IST)
image
Business EconomyPosted at: Feb 1 2024 5:54PM


Budget reactions : Realtors laud Govt's commitment to ensure 'Housing for All'

Chennai, Feb 1 (UNI) Realtors on Thursday welcomed the Union Budget presented by Finance
Minister Nirmala Sitharaman and lauded the government's commitment to ensure Housing for All.
In a statement here, the realtors said the Income Tax Budget 2024 underlined the essentiality of
pro-people programs, all-round, all-pervasive, and all-inclusive social justice, opportunities for growth and employment, Social Inclusivity, Geographical Inclusivity, and Modern Infrastructure for the economic strength of the nation.
The real estate sector was awaiting the Budget with bated breath as it aired some of its expectations such as an autonomous industry status, single-window project clearances, and fiscal duty remissions and cut down on home loan interest rates. While the nub of the Budget was centered around ensuring Housing for All, let’s check some of the reactions by the developers.
Vikas Garg, Joint Managing Director, Ganga Realty said The Interim Budget or Viksit Bharat Budget laid emphasis on the development of Modern Infrastructure, Geographical Inclusivity, and all-pervasive growth as the cornerstones of our rapidly growing economy. The Housing for Middle Class scheme announced by the Finance Minister which will empower the underprivileged sections to buy and build homes is a laudable move, enshrining the government’s commitment to Housing for All.
This will speed up rapid urbanization and housing development in Tier 2 and 3 cities, attracting massive investments. On the whole, Luxury housing continues to gather steam, especially in metropolitan regions like Gurugram, while Affordable Housing developments will be predominant in Tier 2 and 3 markets. In addition, the Budget also announced the construction of 2 crore homes in the next five years under the PM Awas Yojana- Gramin.
Although the demand for industry status and single-window clearances remain unmet, the Interim Budget introduced some pathbreaking decisions made on the principles of Reform, Perform, and Transform.
Dushyant Singh, Director, Orion One 32 said Reverberating the idea of Aatmanirbhar Bharat, Geographical Inclusivity, and all-inclusive social justice, the Interim Budget 2024 introduced some key reforms assuring Housing for All, just and equitable distribution of resources, women empowerment in terms of ownership or co-ownership of PM-Awas Yojana homes, and raising the standards of modern infrastructure. By creating a synergetic ecosystem, the Budget 2024 has created a leveling ground, which will lead to an upshift in the absorption of office spaces and mixed-use outlets. The Budget has exhorted programs and schemes for future-ready infrastructure, urban settlements, and housing for all sections of society, causing an inevitable boom in the demand for office spaces, retail shops, and high-street commercials.
Amit Gupta, Director, Orris Infrastructure said The ‘Viksit Bharat Budget’ had some keynote deliverances by the Honourable Finance Minister prioritizing pro-people initiatives, opportunities for growth and employment, Social Inclusivity, and Geographical Inclusivity in the Amrit Kaal. The Government has shown its steadfast commitment to ensuring Housing for All by announcing the Housing for Middle-Class scheme and setting a new target of construction of 2 crore homes in the next five years under the flagship PM Awas Yojana-Gramin program. The Housing for Middle-Class scheme marks a watershed period in the Indian housing landscape as it will financially empower the middle class and salaried strata of society to either build or buy their own homes, underlining economic amelioration of millions of people who sap in precarious conditions of unauthorized colonies and chawls. In addition, the Rooftop Solarization scheme will also be a boon as 1 cr household will be able to obtain up to 300 units of free electricity every month, leading to the development of resource-efficient economy.
Saransh Trehan, Managing Director, Trehan Group said The Interim Budget 2024’s proclamations are coterminous with the Government’s commitment to ensure Housing for All. The Finance Minister announced that the Housing for Middle-Class scheme will be launched to embolden and financially assist service class and salaried classes to construct or buy their independent homes. This will empower them to enjoy the basic right of housing as many of them struggle to keep their heads above water and live in slums, chawls, and rented houses. Secondly, the Government also resolved to build 2 crore new homes in the next five years under the PM Awas Yojana- Gramin while being close to achieving its target of constructing 3 crore homes in rural areas and countryside. In its entirety, the Budget incentivized and introduced many pro-people programs that will encourage millions of people to invest in real estate assets, especially in Tier 2 and 3 hubs due to the impetus given to strengthening of modern infrastructure and transport.
Shiven Vikram Bhatia, Executive Director, Splendor Group said Outlining the goal of achieving the status of Viksit Bharat by 2047, the Interim Budget 2024 has incentivized the idea of Housing for All by initiating pro-people measures and ramping up modern infrastructural quality, which will invariably increase the demand for office spaces and retail assets in metro cities and nearby towns. As per a CBRE report, retail space leasing activity has shot up by 48% across eight major cities including NCR in 2023 in shopping malls and high street locations. The Budget has also given unequivocal importance to uplifting the standards of modern infrastructure to boost national growth and promote growth-inducive factors, that will concomitantly pace up demand and sales of commercial and retail projects in newly developing corridors and realty zones.
Arvind Singh, Managing Director, Krasa Group said By advocating the philosophy of ‘Prosperous Bharat in harmony with nature’ and ‘First Developed India’, the Interim Budget 2024 presented by the Finance Minister announced Housing for Middle-Class scheme, Rooftop Solarization, and a new target of PM Awas Yojana-Gramin promising construction of 2 crore homes in the next five years. The idea of Modern Infrastructure and Geographical Inclusivity upheld in the Budget will usher in growth and systematic progress not only in metropolitan regions but also in Tier 2 and 3 realty zones. The demand for office and retail spaces is on a meteoric rise, which will increase manifold after the implementation of the reforms on the grass root level.
Vasudev Garg, Director, Rajdarbar Realty said ensuring Housing for All was the central theme of the Interim Budget 2024 undergirding profound steps taken in the course of attainment of this objective. The Finance Minister announced a new eponymous scheme called ‘Housing for Middle Class’ under which the government will, through wilful measures, assist middle-class and low-income groups in constructing or purchasing their homes and help them accomplish their dream of home ownership. Additionally, the Government has also resolved to build 2 crore new homes in rural regions and villages under PM Awas Yojana-Gramin in the next five years. While giving 70% of houses under PM Awas Yojana in rural areas to women who are either sole or joint owners, the Government in its effort to ensure all-round social justice and equitable distribution of resources, has received plaudit from one and all.
UNI GV 1755
Please log in to get detailed story.
Tags: #Budget reactions : Realtors laud Govt's commitment to ensure 'Housing for All'
More News

USD, Pound, Euro up ; Yen down

05 Dec 2024 | 10:01 AM

Mumbai, Dec 5 (UNI) Following were the indicative currency rates and travellers' cheques
buying and selling rates.

see more..

The total distribution of four REITs Rs 2,754 crore in H1FY25

04 Dec 2024 | 8:30 PM

Hyderabad, Dec 4 (UNI) Unit holders of four Real Estate Investment Trusts (REITs) total distributions was Rs 2,754 crore during the first half of the current financial year.

see more..

Affordable housing market in India set to reach Rs 67 Trillion by 2030: Report

04 Dec 2024 | 5:18 PM

Kolkata, Dec 4 (UNI) Affordable housing segment in India is estimated to be 30.7 mn units triggering opportunities to finance is calculated to be Rs 44 trillion by 2030, according to Knight Frank, the country's leading real estate consultancy.

see more..
Nissan crosses 5 lakh domestic sales

Nissan crosses 5 lakh domestic sales

04 Dec 2024 | 5:18 PM

Kolkata, Dec 4 (UNI) Nissan Motor India on Wednesday announced that it has achieved a significant milestone with the crossing of 5 lakh cumulative domestic sales since the start of its operations with a total of 5,13,241 units sold to date.

see more..

Suzlon and Jindal Renewables expand partnership with additional 302 4 MW Wind Project

04 Dec 2024 | 5:17 PM

Kolkata, Dec 04 (UNI) Suzlon and JSP Green Wind 1 Pvt. Ltd., a subsidiary of Jindal Renewables, have expanded their partnership with an additional 302.4 MW wind power project in the Koppal region of Karnataka, aimed at accelerating India’s green steel production.

see more..
image