No tax incentives for homebuyers, real estate continues to lack industry status
Updated On: 01 February, 2024 07:01 PM IST | Mumbai | Ainie Rizvi
The Interim Budget 2024 made no big-bang announcements for real estate, but it continued its focus on infrastructure upgrades and building connectivity across the country
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Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 earlier today which has sparked mixed reactions. While it hailed positive sentiments for farmers, women, youth and the poor; no substantial announcements have been for the real estate sector.
Anuj Puri, Chairman of ANAROCK Group - Mumbai-based real estate services company tells Midday: "As anticipated, the Interim Budget 2024 made no big-bang announcements, but it continued its focus on infrastructure upgrades and building connectivity across the country. This will benefit real estate growth in not just the top cities but in Tier 2 & 3 cities across the country."
The FM made some announcements that will go on to benefit the sector both directly and indirectly:
• PM Awas Yojana (Gramin): Despite all the challenges, the implementation of this scheme continued, achieving the target of close to 3 crore houses and now aims for 2 crore more houses to be taken up in the next five years.
• Housing for the middle class: The Government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums or chawls and unauthorised colonies, to buy or build their own houses. This is likely to free up encroachment areas like slums for easier redevelopment.
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