Budget 2022 Real Estate: What all will be easier by ‘One Nation, One Registration’?

FM Nirmala Sitharaman, while presenting Budget 2022, said that the budget is based on a vision of the next 25 years. The focus was around overall infrastructural development. However, the budget 2022 also focused on bringing transparency in the realty sector as well as affordable housing for everyone. To understand the budget better for the realty sector, the developer committee, NAREDCO, organised a meeting.

In another episode of Property Plus, Zee Business' Deepak Yadav brings the reaction of real estate giants on budget 2022.

Budget 2022 has allocated an outlay of Rs 48,000 crore under the Pradhan Mantri Awas Yojana, and the construction of 80 lakh homes will facilitate affordable housing.

Niranjan Hiranandani, chairman of NAREDCO, believes that the affordable housing scheme is only feasible in small cities. But the, metropolitan cities like Mumbai and Delhi will not benefit much from the PMAY scheme because of the high priced houses in these cities.

The developers believe that if the government had increased the limits of Section 24 of the Income Tax Act. As per 24B, people are entitled to a relaxation of Rs 2 lakh on the interest of a home loan. The developers wanted the relaxation limit to be increased by Rs 5 lakh, which wasn't fulfilled by the government in budget 2022. 

Rajan Balendkar, President of NAREDCO, said, "Since the government itself gave a hope of affordable housing for all in their budget 2022, we expected the limit of 24B, relaxation to be increased."

In her Budget speech, finance minister Nirmala Sitharaman said the SEZ Act would be replaced with new legislation that would enable the states to become partners in the "development of enterprise and service hubs".

Sandeep Runwal, President of Maharashtra Naredco, said that they always requested ease of property registration. He said that they wanted to clone the Gujarat system. And FM Sitharaman acknowledged this request in her budget speech.

Finance Minister Nirmala Sitharaman, in her Union Budget 2022 speech, talked about establishing a "One Nation, One Registration" mechanism to facilitate ease of living and doing business.

Rajan Balendkar requested all the developers to try their best in absorbing the high pricing of real estate.

All in all, the developers have subtly expressed their dissatisfaction with the budget as they expected more from it.

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