Budget 2024-25: A Boon for Real Estate Sector, says Industry Experts
The Union Budget 2024-25 has brought forth a comprehensive and ambitious vision for the real estate sector, particularly benefiting urban centers like Mumbai.
Union Budget 2024 25Real EstateInfrastructure DevelopmentHousingMumbaiPmay UrbanReal Estate MumbaiJul 23, 2024
Industry experts have welcomed the budget, citing it as a game-changer for the real estate sector. Amit Uplenchwar, Director, Kalpataru Projects International Ltd, praised the allocation of Rs 11 lakh crore for capital expenditure, saying it will significantly boost state-level projects. Jitendra Mehta, President, CREDAI MCHI Thane, appreciated the government's commitment to urban development and infrastructure, stating that it will bring in growth trajectory for real estate development.
Venkatesh Gopalakrishnan, Director Group Promoter's Office, MD & CEO - Shapoorji Pallonji Real Estate (SPRE), commended the introduction of PM Awas Yojana-Urban 2.0, which promises to uplift the housing sector significantly. Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, welcomed the government's focus on infrastructure development, employment generation, housing, skill development, MSMEs, and increasing the participation of women in the workforce.
Dr Niranjan Hiranandani, Chairman – Hiranandani and NAREDCO, lauded the monumental allocation of Rs 10 lakh crore under the PMAY Urban Scheme, aiming for 3 crore houses. Shishir Baijal, Chairman and Managing Director, Knight Frank India, appreciated the announcements presented in the Union Budget, stating that it will continue to support the agenda for the development of railways, roads, and overall logistics infrastructure.
Domnic Romell, President, CREDAI-MCHI, and Keval Valambhia, COO, CREDAI-MCHI, both praised the Union Budget 2024-25 for its comprehensive and ambitious vision for the real estate sector, particularly benefiting urban centers like Mumbai.
Overall, the industry experts have expressed optimism about the opportunities that the budget will bring to the real estate sector and the broader economy.
Frequently Asked Questions
What is the total allocation for capital expenditure in the Union Budget 2024-25?
Rs 11 lakh crore
What is the focus of the PM Awas Yojana-Urban 2.0 scheme?
To address the housing needs of 1 crore poor and middle-class families
What is the expected impact of the Union Budget 2024-25 on the real estate sector?
Growth trajectory for real estate development and significant benefits to urban centers like Mumbai
What is the allocation for employment generation in the Union Budget 2024-25?
Rs 1.48 lakh crore
What is the focus of the Transit-Oriented Development (TOD) plan in the Union Budget 2024-25?
To improve connectivity and reduce congestion in urban areas
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