2024-25 Interim Budget Reaction by Real Estate Expert Mr. Vivek Singhal, CEO, Smartworld Developers.

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New Delhi, February 01, 2024: The 2024 Interim Budget represents a significant milestone in advancing India’s real estate sector. It focuses on infrastructure and connectivity improvements, which are crucial for expanding real estate development, especially in tier 2 and 3 cities. This budget notably supports the middle class’s transition from renting to homeownership, revitalizing many urban areas.

The 11.1% increase in Capex outlay indicates a strong future for diverse real estate projects, bolstered by infrastructural enhancements. However, if following would have been addressed, it would have been a significant booster to real estate like the long-standing request for industry status, essential for various benefits, remains unaddressed. Additionally, the absence of extra tax incentives for homebuyers and significant support for affordable housing are considerable oversights. Despite these issues, we remain optimistic about the Union Budget’s potential to tackle these crucial concerns.

Corporate Comm India (CCI Newswire)