Realty Experts Hail Union Budget As Futuristic

New Delhi, The real estate industry in India has welcomed the latest Union Budget 2022-23, as industry leaders have hailed the announcements as futuristic. On Tuesday, Finance Minister Nirmala Sitharaman announced slew of policies and budgetary allocations including P.M Gati Shakti Master plan.

Mr. Harsh Vardhan Patodia, President, CREDAI National, has said under the union budget, much focus has been given to infrastructure segment and technology. He also believes that with a focus on inclusive development, productivity enhancement, energy transition, and climate action — the Union Budget 2022-23 presents a blueprint for India @100 focusing on farmers, women, youth, and marginal class for FY 22 - 23.

"Infrastructure development has been given continued importance once again with the announcement of PM Gati Shakti master plan. The National Highway network will be expanded by 25,000 km in 2022-23 and other modes of transport too will be expanded. The Government aims to facilitate technology-enabled development by leveraging the knowledge of start-ups for special initiatives like Drone Shakti and plans to introduce E-passports, digitization of land records, digital rupee by RBI, etc in 2022 - 23."

CREDAI'S National President also said that the finance minister has reiterated the importance of faster environment clearances as part of Ease of Doing Business. Along with this, Mr. Patodia also stated that an increase in Capital Expenditure by the Government by 35.4% to 7.5 lakh crore without any increase in Direct taxes is expected to add momentum to the overall development process across sectors.

"The work on the National Generic Document Registration System (NGDRS) will be accelerated. Data centres to be given Infrastructure status which in turn will boost financing to the sector. Allocation of 48000 Crores towards the completion of 80 lakhs homes under PMAY is a welcome step. FM also announced that approvals related to land and construction particularly for Affordable Housing in the Urban areas will be given priority," he added.

Other real estate Moghuls such as Sandeep Runwal, President, NAREDCO Maharashtra also believe that with the said announcements in the union budget, real estate sector will be witnessing further transparency and efficiency in the business.

"The Government's plan to launch 'Ease of Doing Business 2.0' is a step in the right direction and it's continuous efforts to promote the same along with digitization will help the economy and the real estate sector business going forward. Single Window clearance mechanism too will go a long way in improving ease of doing business in India," Mr. Runwal has said.

Runwal, who is also the Managing Director of The Runwal Group, says that India would become a more investment friendly destination. In the union budget 2022-23, the Finance Minister has also announced 80 lakh households to be identified for the affordable housing scheme and Rs. 48,000 crore allocated for PM Awas Yojana.

"This together will boost the affordable housing segment and help to achieve the Prime Minister's vision of Housing for All. Also, the 60,000 houses to be identified as beneficiaries for PMAY in rural and urban areas will ensure that more and more homebuyers get to avail this benefit. As anticipated, it's a very futuristic budget focusing on economic recovery benefitting from public investment and capital spending," Mr. Runwal further said.