The much-awaited Union Budget is out today with many new announcements across sectors, and as expected, there is a huge boost to infrastructure with a slew of announcements related to the capacity addition to roadways, railways and airways network. The great boost to infrastructure investment will pave way for real estate developments in a big way. Secondly, the huge focus and funding towards the SME sector will enable employment generation helping boost the economy and addressing the needs of the youth. When it comes to real estate sector, the push given by the Government towards affordable housing is really appreciable and will help in realising the dream of ‘Housing for all 2022’.
The existing Government initiatives like land reforms, REITS, FDI in real estate, RERA, GST, Smart Cities, Housing for all 2022, infrastructure status given to affordable housing, subsidies for buyers and tax benefits for developers will prove to be beneficial if the Government is also able to implement most of it through single window approvals, in the coming years. We are hopeful that this will create many jobs and accelerate the growth of the infrastructure and real estate industry and also contribute to the ‘Make in India’ effort of the Government.