Hyderabad's Infrastructure and Real Estate Sector Get a Boost in Union Budget 2024-2025
The Union Budget 2024-2025 is expected to have a positive impact on Hyderabad's infrastructure and real estate sector, with significant investments in capital expenditure and infrastructure projects.
Union Budget 2024 2025HyderabadReal EstateInfrastructureEconomyReal EstateJul 23, 2024
The Union government has also made a provision of Rs 1.5 lakh crore for long-term interest-free loans to help states in their respective resource allocations. In Hyderabad, funds for most of the infrastructure projects executed under the Strategic Road Development Programme (SRDP), including flyovers, were raised by way of rupee term loans (RTL). However, the government has decided to execute infrastructure projects under the Hyderabad City Innovative and Transformative Infrastructure' (HCITI).
The budget also includes provisions to improve connectivity to rural habitations under Pradhan Mantri Gram Sadak Yojana (PMGSY). Furthermore, funds will be provided for essential infrastructure such as water, power, railways, and roads on Hyderabad-Bengaluru Industrial Corridor.
The real estate sector is also expected to benefit from the budget allocations. Under the PM Awas Yojana Urban 2.0, the housing needs of one crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore. This includes central assistance of Rs 2.2 lakh crore in the next five years. The government will also promote water supply, sewage treatment, and solid waste management projects and services in 100 big cities through bankable projects.
In partnership with state governments and multilateral development banks, the union government will facilitate development of cities as growth hubs, which includes orderly development of peri-urban areas utilising town planning schemes. Rental housing with dormitory type accommodation for industrial workers and development of investment-ready “plug and play” industrial parks will also boost the real estate sector.
The government has also encouraged states to moderate stamp duty rates and consider further lowering duties on properties purchased by women.
Industry experts have welcomed the budget, stating that investments in infrastructure, urban planning, and digitization of land records are crucial steps towards enhancing the real estate sector in Hyderabad. These measures are expected to boost the sector's contribution to the economy and address the housing needs of millions, driving inclusive growth and development.
Frequently Asked Questions
What is the allocation for capital expenditure in the Union Budget 2024-2025?
Rs 11,11,111 crore, which is 3.4 per cent of the country's GDP.
What is the provision for long-term interest-free loans to states in the budget?
Rs 1.5 lakh crore.
What is the objective of the PM Awas Yojana Urban 2.0?
To address the housing needs of one crore urban poor and middle-class families with an investment of Rs 10 lakh crore.
How will the budget impact the real estate sector in Hyderabad?
The budget is expected to boost the real estate sector through investments in infrastructure, urban planning, and digitization of land records.
What is the government's stance on stamp duty rates for properties purchased by women?
The government has encouraged states to moderate stamp duty rates and consider further lowering duties on properties purchased by women.
Related News Articles
GST on Real Estate Transactions: Understanding Reverse Charge Mechanism
Know the impact of GST on real estate transactions, including the requirement for promoters to purchase at least 80% of inputs and input services from registered persons.
Hyderabad Shocking Incident: Real Estate Executives Attempt to Sexually Assault Woman
A woman from Kadapa narrowly escaped a sexual assault attempt by two real estate agents in Miyapur, Hyderabad.
Maharashtra Simplifies Property Registration: A Game-Changer for Homebuyers
Harsh Parikh, Partner, Khaitan & Co explains how Maharashtra's consolidation of property registration offices will benefit the real estate industry.
CapitaLand Investment Limited Eyes SGD 15 Billion Investment in India by 2028
CLI to double its current SGD 7.4 billion investment in India, exploring opportunities in renewable energy and real estate private credit.
MahaREAT Overturns MahaRERA's Dismissal of Homebuyer's Complaint, Orders Builder to Refund ₹4.5 Lakh
Maharashtra Real Estate Appellate Tribunal directs builder to refund ₹4.5 lakh to homebuyer for incorrect NOC fees, orders interest for delay in possession
Two Real Estate Dealers Arrested for Extortion Plot in Khammam, Firearms Seized
In a significant development, two real estate dealers have been arrested in Khammam, Telangana, for their involvement in an extortion plot. The police also seized three firearms during the raid. One of the accused, Riyaz, had been on the run but was final