Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget for 2023-24 (Apr-Mar) in the Lok Sabha. Team FPJ spoke to industry experts from various fields. To gauge the reaction in the field of real estate, we spoke with Ramani Sastri, who is Chairman and Managing Director of Sterling Developers. Here's what he had to say-
The Union Budget 2023-24 has provided an indirect boost to the real estate sector with enhanced capital expenditure and gift to the salaried class by providing increased disposable income at hand with the higher tax rebate. The fund hike in Pradhan Mantri Awas Yojana is great news in the affordable housing market. This increase in allocation will help the government achieve its goal of providing affordable housing to all and contribute to the overall growth and development of the country.
Reduction in compliance & relaxation welcome move
Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective. The steps taken will be crucial in aiding the growth of the real estate sector. The enhanced focus on digitalisation will create more jobs and propel demand for residential real estate across the country.
The unwavering focus on infrastructure is a welcome move for the industry as it will be significant in maintaining the buoyancy witnessed in the realty sector in the recent past. While the budget has addressed some key issues, there are currently several grey areas when it comes to schemes, taxation, funding, etc where the government should provide a helping hand going forward.
Balanced combination of reforms and regulations
It is imperative for the government to pay special attention to the real estate sector and have provisions for its well-being in the near future. Overall, we believe that the Union Budget has ushered in a balanced combination of reforms and regulations, which will, in turn, contribute positively to India’s growth story.
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