Budget 2023: A Visionary Step Towards Affordable Urban Housing in West Bengal
The real estate sector in West Bengal hails the Central Budget for its vision in making urban housing more affordable and reducing stamp duty for women investors.
Real EstateUrban HousingAffordable HousingWomen EmpowermentBudget 2023Real EstateJul 23, 2024
According to Sushil Mohta, president of CREDAI West Bengal and chairman of Merlin Group, the proposed focus on urbanization is expected to drive growth in the real estate sector. He believes that the announcement of a Rs. 2.2 lakh crore initiative to make urban housing more affordable, along with the proposed investment of Rs 10 lakh crore to address the housing needs of one crore urban poor and middle-class families, are positive steps towards urbanization. Mohta also appreciates the government's effort to provide better living conditions for industrial workers through rental housing with dormitory-type accommodation in PPP mode.
Saket Mohta, MD of Merlin Group, has lauded the Budget's vision for empowering women but rued the lack of state-specific infrastructure projects in Bengal. Sidharth Pansari, president of CREDAI Bengal and director of Primarc Group, believes that the Budget reaffirms the commitment to urban development, emphasizing affordable housing with the announcement of 3 crore additional houses under the PM Awas Yojana.
The Budget has also received praise from other industries, including jewelry, education, and tourism. Suvankar Sen, MD & CEO of Senco Gold Ltd, believes that the reduction of import duty on gold and silver will give a boost to consumer demand and allow the middle and upper-middle-class consumers to buy jewelry that was constrained due to high gold prices. Sardar Taranjit Singh, managing director of JIS Group, has commended the Budget's emphasis on education and skill development, which will make quality education more accessible and affordable.
NG Khaitan, president of Bharat Chamber of Commerce, has praised the abolition of angel tax for start-ups, reforms on capital gains tax, reduction in personal income tax structure, and the focus on a new tax regime. Gautam Ray, president of BCC&I, has appreciated the extension of customs duty exemption on raw material to manufacture Lithium Ion cells used in EV batteries, as well as simplification of TDS/TCS provisions under the Income Tax Act.
Ameya Prabhu, president of ICC, believes that the Budget has done a lot for the seafood industry, benefiting states like Kerala and Tamil Nadu. S K Behera, chairman of CII Eastern Region, has hailed the Centre's initiative for the formulation of a plan for Purvodaya for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh. He has also applauded the government's focus on tourism development of heritage sites in the eastern region.
Overall, the real estate sector in West Bengal has welcomed the Central Budget, praising its focus on affordable urban housing, women's empowerment, and overall economic growth.
Frequently Asked Questions
What is the proposed investment for addressing the housing needs of urban poor and middle-class families?
Rs 10 lakh crore
What is the expected growth in the real estate sector's contribution to GDP by 2025?
From 8 per cent to 13 per cent
What is the reduction in import duty on gold and silver?
From 10 per cent to 6 per cent
What is the allocation for education in the Budget?
Rs 1.48 lakh crore
What is the plan for skilling youth in the next five years?
Skilling 20 lakh youth
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