Budget 2022: Realty sector 'mange more', however, it hails extension of Housing for All till 2023

The realty sector, which was severely hit due to the coronavirus induced lockdown and economic downturn, said Finance Minister Nirmala Sitharaman could have given further push given the strong multiplier effect the sector has on the economy. However, they have hailed the government’s commitment towards Housing for All by allocating Rs 48,000 crore towards this scheme around the same as last year.

Knight Frank India CMD Shishir Baijal said, ‘’The realty sector would have benefited immensely by demand boosting tax benefit measures. The housing sector has made a substantial recovery from the pandemic lows and due to attention here would have gone a long way in sustaining growth momentum.’’

NAREDCO Chairman and Hiranandani Group MD Niranjan Hiranandani said the industry welcomes much-awaited focus to resolve long-standing issues of reduction in approval timelines for land and construction. ‘’Emphasis laid towards modernization and reforms in building bylaws, TDR reforms, urban town planning schemes, transit-oriented multi-modal corridors and transferable development rights. Extension of Pradhan Mantri Awas Yojana scheme till 2023 along with an allocation of Rs 48,000 crore outlay will further enhance affordable housing,’’ he noted.

Further, MCHI CREDAI Hon Secretary Dhaval Ajmera said although there has been a booster for affordable housing, a standard definition of 60 m and 90 m affordable home would have given a bigger boost to the entire housing industry which indirectly supports 260 plus industries across India.

ANAROCK Chairman Anuj Puri said that demand for affordable homes had diminished because it still has the maximum demand in India. ‘’It’s just that buyers went into a wait and watch mode. Affordable housing demand will gain momentum once the economic impact of the pandemic begins to subside for the target audience,’’ he opined.