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Modi 3.0: Budget & Beyond

Torbit - June 23, 2024 - - 0 |

Anuj Puri, Chairman, Anarock

The real estate sector looks up to the new Modi government with renewed hope with several policy initiatives in the upcoming budget to boost the sector.As the current housing growth trajectory is skewed towards mid-range and premium housing, the government is expected to catapult affordable housing through tax benefits for homebuyers and developers. Additional measures like restoration of home loan interest subsidy under PMAY, favourably revising the price and area criteria of affordable housing, and giving  industry status to housing, especially affordable housing , will provide a booster dose.

Ashwinder R Singh, Co-Chair CII NR Real Estate & CEO, Residential, Bhartiya Urban 

With continued focus on infrastructure development, Housing For All and Smart Cities initiatives , we can expect increased investment to boost real estate growth in Modi 3.0. Policies aimed at improving ease of doing business, regulatory reforms like RERA and initiatives to boost affordable housing , will further enhance transparency and investor confidence. All this may well be reflected in the upcoming budget and beyond. Efforts to attract foreign investment and promote urban development , will likely foster a conducive environment to drive demand and contribute to the sector’s overall expansion.

Mohit Jain, MD, Krisumi Corporation

The new government is expected to continue its thrust on infrastructure development which will boost the real estate sector in metro peripheries and in Tier 2-3 cities. Income tax relief to boost disposable income along with increased tax relief on housing loans will help trigger housing growth. The relaunch of CLSS under PMAY and likely  introduction of a single window clearance mechanism will help make homes more affordable , in turn pushing demand.

Badal Yagnik, CEO, Colliers India

Housing, infrastructure development , sustainability will remain at the core of budgetary boost to real estate. So will EV infra, renewable energy and green financing. Incentivisation of green buildings  through minimum alternate tax or tax breaks similar to infrastructure,  will particularly be beneficial. Policy initiatives to rationalise personal and capital gains tax besides boosting rental participation in REITs and InvITs are needed to further stimulate real estate growth.

Shubhi  Jain, Principal Partner, Square Yards

Under the new government , significant reforms are expected in the coming budget. Giving industry status to real estate will unlock a plethora of legal and administrative benefits along with much needed tax incentives. With regard to the government’s focus on affordable housing under PMAY, there is a need for recalibrating strategies in the light of escalating construction costs to achieve sustained inclusiveness. Further, enhanced tax relief and  enhanced home loan interest waiver  are pivotal in stimulating demand.

Arun Shukla,President & Director, JK Lakshmi Cement

In Prime Minister Narendra Modi’s third term budget, the government is expected to prioritise robust budgetary allocations and policy measures to bolster projects across the country. Budget should be addressing sustainable and resilient development  should be at the forefront of the budget and it should address skill development and training to bridge talent gaps , ensuring successful execution of construction projects.

Tags: Budget

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