Budget Feedback by Sushil Mohta, President, CREDAI WEST BENGAL & Chairman, Merlin Group
India aims to increase the real estate sector’s contribution to GDP from 8% to 13% by 2025. The proposed focus of the Union Budget on urbanization is expected to drive growth in this sector. The announcement of a ₹2.2 lakh crore initiative to make urban housing more affordable, along with the proposed investment of ₹10 lakh crore to address the housing needs of 1 crore urban poor and middle-class families, are positive steps toward urbanization. Rental housing with dormitory type accommodation for industrial workers in PPP mode is the need of the hour and Will provide better living condition for industrial workers.
The budget’s emphasis on cities is noteworthy, and we welcome the decision to establish industrial parks in over 100 cities in partnership with the private sector. This will boost infrastructure development in various states. The real estate industry will play a crucial role in achieving the country’s sustainable development goals, with 40% of India’s population projected to reside in urban areas by 2030. Overall, the budget is a positive move towards urbanization.
The new tax regime for the salaried class will reduce tax burden and provide more disposable income and additional support for their EMI in home loan re payment.
Furthermore, I welcome this growth-oriented budget, particularly its focus on women’s empowerment. This would enable more women to own properties, as the Finance Minister has urged state governments to lower stamp duties to encourage women-centric investments in real estate.
The women empowerment centric budget will also encourage states charge lower stamp duties to encourage women to buy and own properties. This will drive the growth of real estate as women are the deciding factors for purchasing the residential properties”, said Sushil Mohta, President, CREDAI West Bengal & Chairman, Merlin Group
