Central Budget Boosts Real Estate Sector's Vision for Affordable Urban Housing
The Central Budget has been hailed by the West Bengal real estate sector for its vision in making urban housing more affordable, reducing stamp duty for women investors, and abolishing angel tax for investors.
Real EstateUrban HousingAffordable HousingBudgetIndiaReal Estate NewsJul 23, 2024
Sushil Mohta, president of CREDAI West Bengal and chairman of Merlin Group, praised the Budget's vision for making urban housing more affordable. He also welcomed the proposed reduction of stamp duty for women investors, which will enable more women to own properties.
Saket Mohta, MD of Merlin Group, also lauded the Budget's vision for empowering women, but expressed disappointment at the lack of state-specific infrastructure projects in Bengal.
Sidharth Pansari, president of CREDAI Bengal and director of Primarc Group, said 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. He also welcomed the reduction of stamp duty, especially for women property owners, which will encourage more investments in real estate.
The Budget has also been praised for its focus on education and skill development, with a significant allocation of Rs 1.48 lakh crore for education and a plan to skill 20 lakh youth in five years.
Industry experts have also welcomed 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.
Additionally, the Budget has been praised for its focus on tourism development of heritage sites in the eastern region, and the formulation of a plan for Purvodaya for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.
Frequently Asked Questions
What is the focus of the Central Budget in the real estate sector?
The Central Budget has a focus on making urban housing more affordable, reducing stamp duty for women investors, and abolishing angel tax for investors.
What is the proposed investment in urban housing?
The proposed investment is Rs 10 lakh crore to address the housing needs of one crore urban poor and middle-class families.
What is the impact of the Budget on women investors?
The proposed reduction of stamp duty will enable more women to own properties and encourage more investments in real estate.
What is the focus of the Budget on education and skill development?
The Budget has a significant allocation of Rs 1.48 lakh crore for education and a plan to skill 20 lakh youth in five years.
What is the impact of the Budget on the tourism industry?
The Budget has a focus on tourism development of heritage sites in the eastern region, which is expected to benefit the industry.
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