The Union Budget 2024-25 has received an overwhelmingly positive response from leaders in the real estate sector, who praise its emphasis on infrastructure development, housing, and employment generation as key drivers for achieving a "Viksit Bharat" by 2047.
Ravi Ramesh Pilani, MD at Pilani Realty, noted that the budget's strong focus on infrastructure and employment will significantly bolster the Indian economy. "The allocation of INR 10 lakh crore for developing one crore urban homes under the PMAY scheme, improved transparency in rental housing, digitization of land records, and reduction in stamp duty are expected to invigorate the real estate market," Pilani stated. He highlighted that the budget's emphasis on job creation, skill development, and manufacturing will benefit the residential market, industrial parks, and corridors, energising both the industrial and warehousing sectors.
Sarvesha SB, Chairman and Managing Director of BHADRA Group, echoed similar sentiments, emphasising that the budget aligns with their mission of delivering high-quality living spaces. "The 'Cities as Growth Hubs' initiative presents exciting opportunities for real estate development. Our expertise in building sustainable, well-connected communities positions us to significantly contribute to this vision," he said. Sarveshaa also welcomed reforms aimed at moderating stamp duty rates for women homebuyers and significant investments in infrastructure development.
Nesara B.S, Chairman of Concorde, lauded the budget for its impact across all sectors, particularly real estate. He highlighted that improved tax rates would lead to surplus income, reviving consumption in the economy. "The new PM AWAS Yojana 2.0, with its earmarked INR 10 lakh crore for urban housing, will give an impetus to affordable and mid-segment housing," Nesara stated. He also praised the rationalisation of capital gains tax as a boost to the real estate sector.
Sanjeev Bhandari, Founder & CEO of AirBrick Infra, welcomed the significant allocations for infrastructure development, emphasising that initiatives focused on land reforms and renewable energy would drive growth and innovation in the sector. "These initiatives will undoubtedly contribute to a more robust and efficient infrastructure landscape," Bhandari said.
Ramesh Nair, CEO of Mindspace Business Parks REIT, highlighted several positive initiatives for the real estate sector, including positioning cities as growth hubs and introducing a brownfield development framework. "India is emerging as a global office hub, with the real estate sector driving economic activity, FDI, and infrastructure development," Nair stated. He also welcomed the reduction of the holding period for long-term capital assets from 36 to 12 months, improving liquidity in REITs.
Kamal Singal, Managing Director & CEO of Arvind SmartSpaces Ltd, praised the budget's visionary approach to urban development. "The substantial allocation for infrastructure and improvements in urban amenities directly supports our projects aimed at developing modern, integrated communities," Singal said. He also welcomed measures to simplify FDI regulations and promote Rupee-based overseas investments, predicting increased NRI participation in the real estate sector.
Amit Sinha, Managing Director & CEO of Mahindra Lifespace Developers Ltd, commended the budget for its focus on urban development and growth hubs. "The allocation of INR 10 lakh crore under the PM Awas Yojana, including interest subsidies, will make housing much more affordable for the urban poor and middle class," Sinha stated. He also praised the roadmap for moving from energy efficiency targets to direct emission targets, aligning with their commitment to sustainable development.
Overall, the Union Budget 2024-25 has been hailed as a forward-looking plan that prioritises housing, urban development, and infrastructure, creating a dynamic environment for strategic growth and innovation in the real estate sector.
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