The Union Finance Minister, Nirmala Sitharaman, presented the Budget 2023–24 to the Parliament today. The government has created various plans, according to the Finance Minister, which would improve the nation’s infrastructure and real estate, she said during her Budget presentation.
Amongst many announcements, FM increased the PM Awas Yojana budget by 66%, bringing it to over ‘79,000 crore. Additionally, FM recommended capping the deduction from capital gains on residential property investment under sections 54 and 54F at 10 crore. Limiting the income tax exemption from the revenues of extremely valuable insurance policies.
Atul monga, CEO and co-founder, basic home loan, said: “The increase in outlay for the PM Awas Yojana to Rs 79,000 crore will be a major boost for low-cost housing providers. While lakhs of people have already benefitted from the scheme, the announcement of its enhancement will be a positive step towards providing affordable homes to people and meet the existing housing shortage in the country.”
Dhaval Ajmera – Director at Ajmera Realty Infra India Ltd., said: “The highest percentage-led incremental hike in budgetary outlay has been for the PM Awaaz Yojana at 66%. This will be the biggest propeller for affordable housing and realizing the objective of the ‘Housing for All’ Scheme.”
FM also suggested changing the guidelines for calculating capital gains in cases of joint property development to include the money received in the form of a cheque or other kind of payment.
Cyrus Mody, Founder & Managing Partner at Viceroy Properties, said: “The 66% rise in the PMAY outlay will help achieve the government’s dream of Housing for All.”
Ram Raheja, Managing Director at S Raheja Realty, said: “The emphasis on infrastructural development will aid the residential real estate sector at large as it will give an impetus to property launches.”
The Union Budget has provided indirect boost to the real estate sector with enhanced capital expenditure and gift to the salaried class by providing increased disposable income at hand with the higher tax rebate.
“Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective and will aid the growth of the real estate sector. The enhanced focus on digitalisation too which will create more jobs and propel demand for residential real estate across the country. The unwavering focus on infrastructure is a welcome move for the industry. The buoyancy which we have witnessed in the realty sector in the recent past is set to continue in the near term. While the budget has addressed some key issues, there are currently several grey areas when it comes to schemes, taxation, funding and others where the government should provide a helping hand going forward. It is imperative for the government to pay special attention to the real estate sector and have provisions for its well-being in the near future. Overall, we believe that the union budget has ushered in a balanced combination of reforms and regulations, which will, in turn will contribute positively to India’s growth story,” Ramani Sastri – Chairman & MD, Sterling Developers.
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