Last Update: February 01, 2023, 17:03 IST
Experts said that the budget will motivate states and cities for urban planning (file photo)
Budget 2023: Experts said that the budget is another step towards the government’s Housing for All mission.
The realty industry on Wednesday described the Union Budget 2023-24 as balanced, which is likely to boost demand in the housing sector.
The 66 per cent increase in allocation for Pradhan Mantri Awas Yojana to over Rs 79,000 crore is certainly a boost for affordable housing, which was falling due to increase in input costs and also because buyers in this segment, mostly were from the unorganized sector. Anuj Puri, Chairman, ANAROCK Group said that we are still grappling with the impact of the Covid pandemic.
He said that this is another step towards the Housing for All Mission of the government.
“The middle class will undoubtedly benefit from the new tax regime and changes in income tax slabs including exemption on income up to Rs 7 lakh under the new tax slab. However, whether the housing sector will get a collateral boost or not remains to be seen. The new tax regime does not provide any benefit that taxpayers can avail under any section, including section 80C – past home loan tax benefits,” Puri said.
Anshuman Patrika, President and CEO, India, South-East Asia, Middle East and Africa, CBRE, said: “Increased outlay for affordable housing, increased focus on tourism and development of Ekta Mall in major cities across the country Measures to boost the real estate sector, which will be further helped by tax relief to citizens which should boost consumption appetite.
“Moreover, the continued focus on building and improving urban infrastructure is likely to provide a boost to the I&L sector as well as accelerate economic activity and job creation.”
CREDAI NCR President Manoj Gaur said that through the Union Budget, the Center is constantly paying attention to the empowerment of youth, women, OBCs and farmers.
Capital outlay increased by Rs 10 lakh crore for the third consecutive year, which is 3.3 per cent of GDP, with a 66 per cent hike for PM Awas Yojana to over Rs 79,000 crore and a Rs 9,000 crore credit guarantee scheme MSME, Economic Development but will have a positive multiplier effect,” he said.
Harsh Bansal, chairman of the CII Delhi panel on UD, RE and infra, said that one of the direct impacts on real estate would be through an increase in demand as the finance minister has increased the income tax exemption to Rs 7 lakh, which should help demand. Will get affordable housing segment; Also, the new tax regime means that people will have more disposable income, which will increase demand across all real estate segments.
“For housing, the government underlined its priority by announcing a bumper increase in the Pradhan Mantri Awas Yojana outlay by 66 per cent to Rs 79,000 crore; In addition, the Finance Minister announced support to various states to help them develop sustainable cities for tomorrow.
Naveen M. Raheja, chairman and managing director of Raheja Developers, said the budget also motivates states and cities to take up urban planning, and we expect this to boost planned real estate development in the country.
“It will also improve the standard of living in the cities and provide an opportunity to developers to provide better homes.”
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)