Budget 2024: Realtors laud government's commitment to ensure 'housing for all'

The Income Tax Budget 2024 underlined the essentiality of pro-people programs, all-round, all-pervasive, and all-inclusive social justice, opportunities for growth and employment, social inclusivity, geographical inclusivity, and modern infrastructure for the economic strength of the nation. The real estate sector was awaiting the Budget with bated breath as it aired some of its expectations such as an autonomous industry status, single-window project clearances, and fiscal duty remissions and cut down on home loan interest rates. While the Budget was centered around ensuring Housing for All, let’s check some of the reactions by the developers.

Vikas Garg, Joint Managing Director, Ganga Realty

"The Interim Budget 2024 or Viksit Bharat Budget laid emphasis on the development of Modern Infrastructure, Geographical Inclusivity, and all-pervasive growth as the cornerstones of our rapidly growing economy. The Housing for Middle Class scheme announced by the Finance Minister which will empower the underprivileged sections to buy and build homes is a laudable move, enshrining the government’s commitment to Housing for All. This will speed up rapid urbanization and housing development in Tier 2 and 3 cities, attracting massive investments. On the whole, Luxury housing continues to gather steam, especially in metropolitan regions like Gurugram, while Affordable Housing developments will be predominant in Tier 2 and 3 markets. In addition, the Budget also announced the construction of 2 crore homes in the next five years under the PM Awas Yojana- Gramin. Although the demand for industry status and single-window clearances remain unmet, the Interim Budget introduced some pathbreaking decisions made on the principles of Reform, Perform, and Transform."

Amit Gupta, Director, Orris Infrastructure

"The ‘Viksit Bharat Budget’ had some keynote deliverances by the Honourable Finance Minister prioritizing pro-people initiatives, opportunities for growth and employment, Social Inclusivity, and Geographical Inclusivity in the Amrit Kaal. The Government has shown its steadfast commitment to ensuring Housing for All by announcing the Housing for Middle-Class scheme and setting a new target of construction of 2 crore homes in the next five years under the flagship PM Awas Yojana-Gramin program. The Housing for Middle-Class scheme marks a watershed period in the Indian housing landscape as it will financially empower the middle class and salaried strata of society to either build or buy their own homes, underlining economic amelioration of millions of people who sap in precarious conditions of unauthorized colonies and chawls. In addition, the Rooftop Solarization scheme will also be a boon as 1 crore households will be able to obtain up to 300 units of free electricity every month, leading to the development of the resource-efficient economy."

Saransh Trehan, Managing Director, Trehan Group

"The Interim Budget 2024’s proclamations are coterminous with the Government’s commitment to ensure Housing for All. The Finance Minister announced that the Housing for Middle-Class scheme will be launched to embolden and financially assist service class and salaried classes to construct or buy their independent homes. This will empower them to enjoy the basic right of housing as many of them struggle to keep their heads above water and live in slums, chawls, and rented houses. Secondly, the Government also resolved to build 2 crore new homes in the next five years under the PM Awas Yojana- Gramin while being close to achieving its target of constructing 3 crore homes in rural areas and countryside. In its entirety, the Budget incentivized and introduced many pro-people programs that will encourage millions of people to invest in real estate assets, especially in Tier 2 and 3 hubs due to the impetus given to strengthening of modern infrastructure and transport."

Surinder Singh, Director, GLS Group

"The Housing for Middle-Class scheme is one of the landmark announcements of the Interim Budget 2024 speech eloquently articulated by Finance Minister Nirmala Sitharaman. The Government endorsed its fundamental idea of providing Housing for All through this scheme underlining that it will aid middle-class and salaried gentry to realize their homeownership dreams through financial assistance and means. It will also reduce the count of unauthorized colonies, makeshift homes, and chawls as the Amrit Kaal will see millions of people getting their autonomous houses. Apart from this, the Rooftop Solarization scheme and pledge to construct 2 crore new homes in rural areas under the PMAY-Gramin will also be instrumental in ensuring ‘all-round, all-pervasive, and all-inclusive’ growth and social progress."