Budget reaction quotes of real estate developers

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Manoj Gaur President CREDAI NCR and CMD Gaurs Group

“Through the Union budget 23 – 24, the Government continues to focus on the empowerment of youth, women, OBCs & farmers. With a keen focus on the future of the country with a growth-oriented budget, we applaud the FM’s vision of enabling an inclusive and sustainable development growth chart for infrastructure. An increased capital outlay for a third year in a row to INR 10 Lakh crores amounting to 3.3% of the GDP, a hike of 66% to over 79,000 crores for PM Awas Yojana and the 9000 Cr Credit Guarantee Scheme for MSMEs, will have a positive multiplier effect on economic growth and help realize the PM’s vision for ‘Housing for All’. Continuing its focus on urban planning reforms to develop sustainable cities for tomorrow, the allocation of INR 10,000 crores to the NHB for infrastructure development, the highest ever railway outlay at Rs 2.4 lakh crore and increased regional connectivity through 50 more additional airports, helipads, water aero drones, advanced landing grounds will also boost affordable regional connectivity and will add impetus for infrastructure development, especially in tier-2 and 3 cities which will help the Indian economy to remain less impacted by a global slowdown.The Union Budget 2023 – 24 focuses on controlling fiscal deficit, reducing compliance burden as more than 3,400 legal provisions have been decriminalised to improve ease of doing business. CREDAI congratulates Hon’ble FM for presenting an inclusive and forward-looking budget.”

Mr. Sanjay Sharma, Director Group

The Union budget has unveiled multiple factors for the overall growth of the real estate sector, including a 33% increase in capital investment outlay to Rs 10 lakh crore, as declared by the Finance Minister in her address, and the government’s ambition to make available Rs 10,000 crore p.a. for the urban infra development fund. The per capita income of the country has continued to improve over the years bringing major benefits to the real estate sector. The announcement of income tax relaxation for the income of upto 7 lakh will also be a boon to real estate as this brings a relief to middle-class buyers.

Mr. Salil Kumar, Director – Marketing & Business Management, CRC Group

The Union budget has unveiled multiple factors for the overall growth of the real estate sector, including a 33% increase in capital investment outlay to Rs 10 lakh crore, as declared by the Finance Minister in her address, and the government’s ambition to make available Rs 10,000 crore p.a. for the urban infra development fund. The per capita income of the country has continued to improve over the years bringing major benefits to the real estate sector. The announcement of income tax relaxation for income of up to 7 lakhs will also be a boon to real estate as this brings relief to middle-class buyers

Mr Amit Modi, Director, County Group, President CREDAI (W.UP)

More than 39,000 compliances reduced to enhance ease of doing business and over 3400 legal provision decriminalised is the biggest take away for in this years budget, while we await the fine print, we hope that it also includes compliances related to Real Estate industry for ease of doing business.

We also welcome initiative like

1) States and cities encouraged to take up urban planning.

2) The outlay for PM Awas Yojana enhanced by 66 per cent to over Rs 79,000 crore.

3) Fifty-year loan to states to be spent on capital expenditure within 2023-24 towards issues like

  1. a) Urban planning reforms and actions.
  2. b) Housing for police personnel.
  3. c) Construction of Unity Malls.

Ankit Kansal, Founder & MD, 360 Realtors

In the budget session, GOI has shown its commitment to systematically dismantling structural bottlenecks, fueling infrastructure growth, and working on the fundamentals. The INR 10,000 Crore urban infrastructure fund is a welcome step, as this will help Tier 2 and 3 cities and bridge their gap with larger metros in India. This will also fuel demand for commercial and residential real estate in such parts of the country.  The government has also increased capital expenditure to INR 10 lakh crores, almost three times than compared to 2019. Increased investments towards urbanization, power, water supplies, construction activities, etc. will naturally invigorate realty demand by catalyzing economic growth and urban development.

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