Post-Budget Reaction on the Real Estate Sector By Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI-MCHI

New Delhi, February 01, 2023: The Government has laid an emphasis on economic growth and job creation in the Union budget announced today. As far as the real estate sector is considered, the enhancement of the PMAY Fund by 66% to Rs. 79,000 crore will be a big boost for the affordable housing segment. This has yet again highlighted the Government’s vision of Housing for All. Also, the increase of the income tax exemption limit up to Rs 7 lakh under new tax regime will encourage a lot of homebuyers to buy their dream homes.

The enhanced capital expenditure of ₹ 10 lakh crore for infrastructure development will fast-track implementation of bigger infrastructure projects which in turn will propel the growth of the real estate sector and help drive demand. It will go a long way in supporting the MSME sector and revive industrial activity.

Through Ease of Doing Business, the Government continues to encourage digitization and fin-tech innovation. The focus on creation of digital infra, single portal for ease-of-doing business and digital skilling will strengthen the start-up ecosystem.

It could have been a better budget for the real estate sector which is also the second largest employment generator after agriculture. Overall, a progressive budget with the Government’s emphasis on job creation, building a robust infrastructure and revitalizing the economy.

Corporate Comm India (CCI Newswire)