2024 budget: Real estate agents on Thursday welcomed a budget proposal that includes the launch of a scheme to help middle-class people buy or build their own homes, which will boost demand for residential properties and support growth in the real estate sector as a whole. said it would help. In the interim budget for 2024-2025, Finance Minister Nirmala Sitharaman will help deserving middle-class people “living in rented houses, slums, huts and unauthorized colonies” to buy or build their own. The government has announced that it will launch a plan to houses.
He also said that under Prime Minister Awas's continued leadership, two billion more homes will be built for the rural poor over the next five years. yojana (Gramin).
Commenting on the budget proposal, Credai President Boman Irani said these efforts will “encourage and help our country's growth.” housing market”.
Also read | Real estate agents have welcomed the increase in PMAY allocation in the budget.Too bad there's no “booster shot” right away.
sustained concentration infrastructure He said the development would further boost growth in the housing sector.
Irani said that with the tax rate unchanged, the spending ability of taxpayers could be hampered as there would be no additional money in the pockets of the common man.
Home sales have rebounded strongly following the coronavirus pandemic. Sales over the past two calendar years have been very strong across all price points.
NAREDCO Chairman G. Hari Babu said the government's efforts in housing development through Pradhan Mantri Awas Yojana Gramin are commendable.
“Furthermore, reiterating a new scheme for the urban middle class will boost the confidence of both the common man and the real estate sector. We now look forward to a clear roadmap for this scheme. “We are doing so,” he said.
Venkatesh Gopalakrishnan, MD and CEO of Shapoorji Pallonji Real Estate, while acknowledging the government's efforts, said: He called for “targeted measures.”
He called for increasing home loan interest deduction from Rs 200,000 to Rs 500,000 annually to stimulate home buyers and increase income for the industry.
Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Limited: “As they say, sometimes no news is good news! Expectations are always high and perhaps this This will be the first budget by the current government in which nothing specific has been announced regarding actual policies for the real estate sector.
“The highest point remains the increase in capital investment, affordable housing. “I am hopeful and look forward to the 2024-25 Budget in the coming months for the big picture.”
Godrej Properties MD and CEO Gaurav Pandey said stronger urban development and sustainable development measures will have a positive impact on the real estate landscape in the country in the long run.
“Diverse housing needs across income groups is a priority for the government,” said Kalyan Chakrabarti, CEO of Emaar India.
The proposed housing plan will not only support the poor middle class, but also stimulate economic growth through increased home ownership, while promoting improvements in social indicators such as health and hygiene, safety and security. he said.
Among NCR developers, Gaurs Group CMD Manoj Gaur said the new scheme for the middle class will benefit the real estate sector. Migsan Group MD Yash Miglani said focus on infrastructure development will help the real estate sector.
Krismi Corporation MD Mohit Jain said the launch of new housing schemes, especially focusing on the middle class, bodes well for the housing sector. “Demand for mid-range and affordable housing is likely to increase.”
Ratan Howeria, Founder and Chairman, Noida-based Howeria Group ” he said.
“This was a disappointing budget for the housing sector as there were no major announcements to encourage home buying in general, such as the introduction of subsidies or mortgage interest deduction benefits,” he said.
Among real estate consultants, Dhruv Agarwala, CEO of Housing.com, said the upcoming middle-class housing scheme will help the country's housing sector as more and more people are entering this income category. He said he is ready to give a big boost to the company. every day.
Anarock Chairman Anuj Puri said, “As expected, there were no major announcements in the interim budget, but the focus remained on upgrading infrastructure and building connectivity across the country. It will also benefit real estate growth.” 2 and 3 cities across the country.”
He added that middle-class housing projects are likely to free up encroached areas, such as slums, to facilitate redevelopment.
Piyush Bhosla, Co-Founder and Chief Financial Officer, Square Yard, said the government's announcement to build an additional 20 million housing units under Pradhan Mantri Awas Yojana Rural (PMAY) It said it underlines the government's commitment to promoting inclusivity and ensuring adequate housing facilities for all.
He further said that the promise to introduce a housing scheme for the middle class would help realize their dreams.
Knight Frank India CMD Shishir Baijal said the proposal to expand housing for the middle class living in substandard accommodation was welcome. She said: “We look forward to the details as this is expected to have a significant long-term impact.”
Vestian CEO Shrinivas Rao said infrastructure spending will increase by 11.1% to Rs 11.1 billion, which will indirectly boost the growth of the real estate sector.
Amit Mishra, co-founder of 91 Square Feet, said the announcement to build 2 billion more homes under Prime Minister Awas Yojna heralds a new era of growth, with real estate developers alone He said that it would also benefit financial institutions.
Shiwan Suraj, founder of Inframantra, said announcements related to the middle class will increase demand for housing.
He also said that under Prime Minister Awas's continued leadership, two billion more homes will be built for the rural poor over the next five years. yojana (Gramin).
Commenting on the budget proposal, Credai President Boman Irani said these efforts will “encourage and help our country's growth.” housing market”.
Also read | Real estate agents have welcomed the increase in PMAY allocation in the budget.Too bad there's no “booster shot” right away.
sustained concentration infrastructure He said the development would further boost growth in the housing sector.
Irani said that with the tax rate unchanged, the spending ability of taxpayers could be hampered as there would be no additional money in the pockets of the common man.
Home sales have rebounded strongly following the coronavirus pandemic. Sales over the past two calendar years have been very strong across all price points.
NAREDCO Chairman G. Hari Babu said the government's efforts in housing development through Pradhan Mantri Awas Yojana Gramin are commendable.
“Furthermore, reiterating a new scheme for the urban middle class will boost the confidence of both the common man and the real estate sector. We now look forward to a clear roadmap for this scheme. “We are doing so,” he said.
Venkatesh Gopalakrishnan, MD and CEO of Shapoorji Pallonji Real Estate, while acknowledging the government's efforts, said: He called for “targeted measures.”
He called for increasing home loan interest deduction from Rs 200,000 to Rs 500,000 annually to stimulate home buyers and increase income for the industry.
Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Limited: “As they say, sometimes no news is good news! Expectations are always high and perhaps this This will be the first budget by the current government in which nothing specific has been announced regarding actual policies for the real estate sector.
“The highest point remains the increase in capital investment, affordable housing. “I am hopeful and look forward to the 2024-25 Budget in the coming months for the big picture.”
Godrej Properties MD and CEO Gaurav Pandey said stronger urban development and sustainable development measures will have a positive impact on the real estate landscape in the country in the long run.
“Diverse housing needs across income groups is a priority for the government,” said Kalyan Chakrabarti, CEO of Emaar India.
The proposed housing plan will not only support the poor middle class, but also stimulate economic growth through increased home ownership, while promoting improvements in social indicators such as health and hygiene, safety and security. he said.
Among NCR developers, Gaurs Group CMD Manoj Gaur said the new scheme for the middle class will benefit the real estate sector. Migsan Group MD Yash Miglani said focus on infrastructure development will help the real estate sector.
Krismi Corporation MD Mohit Jain said the launch of new housing schemes, especially focusing on the middle class, bodes well for the housing sector. “Demand for mid-range and affordable housing is likely to increase.”
Ratan Howeria, Founder and Chairman, Noida-based Howeria Group ” he said.
“This was a disappointing budget for the housing sector as there were no major announcements to encourage home buying in general, such as the introduction of subsidies or mortgage interest deduction benefits,” he said.
Among real estate consultants, Dhruv Agarwala, CEO of Housing.com, said the upcoming middle-class housing scheme will help the country's housing sector as more and more people are entering this income category. He said he is ready to give a big boost to the company. every day.
Anarock Chairman Anuj Puri said, “As expected, there were no major announcements in the interim budget, but the focus remained on upgrading infrastructure and building connectivity across the country. It will also benefit real estate growth.” 2 and 3 cities across the country.”
He added that middle-class housing projects are likely to free up encroached areas, such as slums, to facilitate redevelopment.
Piyush Bhosla, Co-Founder and Chief Financial Officer, Square Yard, said the government's announcement to build an additional 20 million housing units under Pradhan Mantri Awas Yojana Rural (PMAY) It said it underlines the government's commitment to promoting inclusivity and ensuring adequate housing facilities for all.
He further said that the promise to introduce a housing scheme for the middle class would help realize their dreams.
Knight Frank India CMD Shishir Baijal said the proposal to expand housing for the middle class living in substandard accommodation was welcome. She said: “We look forward to the details as this is expected to have a significant long-term impact.”
Vestian CEO Shrinivas Rao said infrastructure spending will increase by 11.1% to Rs 11.1 billion, which will indirectly boost the growth of the real estate sector.
Amit Mishra, co-founder of 91 Square Feet, said the announcement to build 2 billion more homes under Prime Minister Awas Yojna heralds a new era of growth, with real estate developers alone He said that it would also benefit financial institutions.
Shiwan Suraj, founder of Inframantra, said announcements related to the middle class will increase demand for housing.
