It is clear from looking into the specifics of Budget 2024 that the government is committed to promoting stability and growth across the board in the economy. This year has seen a considerable increase in interest in the real estate industry, which is essential to economic growth. We will discuss the salient features of the budget that affect the real estate sector directly in this blog, as well as the implications for industry participants.

Affordable Housing and Tax Incentives

One of the standout features of Budget 2024 is the renewed focus on affordable housing. The government has increased the allocation for the Pradhan Mantri Awas Yojana 2.0 (PMAY) by an investment of 10 lakh crore, which is a substantial boost aimed at achieving the target of “Housing for All.” This increase in funding will not only expedite the construction of affordable homes but also generate employment opportunities across the nation.

Infrastructure Development and Urbanization

A robust infrastructure is the backbone of the real estate sector. The government’s commitment to infrastructure development is evident from the increased budget allocation for endowment-rich states in the Eastern parts covering Bihar, Jharkhand, West Bengal, Odisha and Andhra Pradesh for the generation of economic opportunities to attain Viksit Bharat.
The National Infrastructure Pipeline (NIP) has received a significant boost with 12 industrial parks, which will facilitate the development of new cities and the expansion of existing ones.

Moreover, the budget has emphasised encouraging states to lower stamp duties for properties purchased by women. Along with that enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place.

Conclusion
As we navigate through the changes brought about by this budget, developers, investors, and homebuyers must stay informed and adapt to the evolving landscape. The Pramukh Group is poised to leverage these opportunities and continue contributing to the growth and development of the real estate sector in India.