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.
Related News Articles
Bollywood Star Manoj Bajpayee's INR 9 Crore Apartment Sale Reflects Mumbai's Booming Real Estate Market
Bollywood actor Manoj Bajpayee's recent sale of an under-construction apartment in Mumbai's Mahalaxmi area for INR 9 crore highlights the ongoing demand in the city's real estate market, which has seen over 10,000 property registrations monthly in 2024.
Oberoi Realty Secures NCLT Approval for Nirmal Lifestyle Acquisition
Oberoi Realty has received approval from the National Company Law Tribunal (NCLT) to acquire Nirmal Lifestyle, enhancing its presence in Mumbai's competitive real estate market. This move strengthens Oberoi's growth outlook, especially in suburban and hig
G Square: Transforming India's Plotted Real Estate Market
G Square is revolutionizing India's real estate sector by offering affordable plots with premium amenities within city limits, challenging the traditional market dynamics and setting new standards.
Gaurs Group Secures Major Sale of Nearly 200 Luxury Homes in Greater Noida for Rs 1300 Crore
Real estate firm Gaurs Group has successfully sold almost 200 luxury apartments in its new housing projects in Greater Noida, fetching a total of Rs 1300 crore. This significant sale comes amidst a strong consumer demand in the region.
NBCC Secures Major Contracts: Rs 439 Crore in Uttarakhand and Rs 219 Crore in Delhi
National Buildings Construction Corporation (NBCC) has secured two significant contracts, one worth Rs 439 crore in Uttarakhand and another worth Rs 219 crore in Delhi, bolstering its portfolio and demonstrating its commitment to infrastructure developmen
Smallcap Stock Soars 5% Following ₹85 Cr Order from North Central Railway
A smallcap stock has surged by 5% after securing a significant ₹85 crore order from the North Central Railway. This boost has further solidified the company's position in the rail infrastructure sector.