“In a Budget that aspired to boost private consumption and create jobs to improve the economy in the backdrop of the third wave of the coronavirus pandemic, a variety of measures have been announced by Hon’ble FM Smt. Nirmala Sitharaman that would go a long way in meeting the twin targets.
The provision of Rs. 48000 crore under Prime Minister Awas Yojana for completion of 80 lakh houses will help the government in achieving its target of Housing For All.
The government’s proposal to cut down the approval time related to land and construction will bring ease of doing business.
The real estate sector will also be benefitted from announcements related to industrial & logistics and data centers, enabling them to aggressively diversify into these two upcoming asset classes in the overall real estate sector.
A lot of emphasis has also been given on better land record management.
Steps such as tax exemption to start-ups extended to March 2023 will go a long way in invigorating the entrepreneurial spirit in the country.
However, the industry did expect some tweaks in tax slab, a move that would have resulted in greater savings for people, which would have consequently boosted consumption, especially in the real estate sector. The Budget has also been largely mute on any direct support for the housing sector.”