Hyderabad's Infrastructure and Real Estate Sector Set to Soar with Union Budget 2024-2025
The Union Budget 2024-2025 is expected to boost Hyderabad's infrastructure and real estate sector, with a focus on improving connectivity, providing affordable housing, and promoting sustainable development.
Union Budget 2024 2025HyderabadInfrastructureReal EstateAffordable HousingReal Estate NewsJul 23, 2024
The Union government has allocated Rs 11,11,111 crore for capital expenditure, which is 3.4 per cent of the country's GDP. This allocation will also take care of infrastructure projects, including flyovers, bridges, underpasses, RoBs, and RuBs. Additionally, a provision of Rs 1.5 lakh crore has been made for long-term interest-free loans to help states in their respective resource allocations.
In Hyderabad, the Strategic Road Development Programme (SRDP) has been replaced by the Hyderabad City Innovative and Transformative Infrastructure' (HCITI) programme, which will focus on executing infrastructure projects. The Pradhan Mantri Gram Sadak Yojana (PMGSY) will also improve connectivity to rural habitations, while funds will be provided for essential infrastructure such as water, power, railways, and roads on the Hyderabad-Bengaluru Industrial Corridor.
The budget also focuses on providing affordable housing to the economically weaker sections, with an investment of Rs 10 lakh crore under the PM Awas Yojana Urban 2.0. This will include central assistance of Rs 2.2 lakh crore over the next five years, as well as an interest subsidy to facilitate loans at affordable rates.
Furthermore, the union government will 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 real estate sector is also expected to benefit from the budget, with the union government encouraging states to moderate stamp duty rates and considering further lowering of duties on properties purchased by women. Additionally, the development of rental housing with dormitory-type accommodation for industrial workers and investment-ready 'plug and play' industrial parks is expected to boost the sector.
Industry experts have welcomed the budget, with Karuna Gopal Vartakavi, BJP national in-charge on 'women policies', stating that the budget is 'like a wholesome food for a healthy economy'. V. Rajashekhar Reddy, president of Credai-Hyderabad, believes that the investments in infrastructure, urban planning, and digitization of land records will enhance the real estate sector in Hyderabad and drive inclusive growth and development.
Frequently Asked Questions
What is the total allocation for capital expenditure in the Union Budget 2024-2025?
Rs 11,11,111 crore
What is the focus of the Hyderabad City Innovative and Transformative Infrastructure' (HCITI) programme?
Executing infrastructure projects in Hyderabad
How many urban poor and middle-class families will be benefited under the PM Awas Yojana Urban 2.0?
One crore
What is the expected benefit to the real estate sector from the budget?
Boost to the sector through moderation of stamp duty rates and development of rental housing and industrial parks
Who has welcomed the budget as 'wholesome food for a healthy economy'?
Karuna Gopal Vartakavi, BJP national in-charge on 'women policies'
Related News Articles
Smartening Up: How Technology is Revolutionizing the Real Estate Sector
The real estate industry is undergoing a technological transformation
Schneider Electric Revolutionizes India's Real Estate Market with Innovative Solutions
Schneider Electric unveiled pioneering Home Energy Management Solutions at BuildCon 2024, catering to India's growing demand for smart and sustainable homes.
Commercial Real Estate Debt Market Sees Unprecedented Defaults and Losses
AAA-rated bonds backed by high-quality properties are seeing defaults and losses, marking a rare phenomenon in the commercial real estate debt market.
Pune Business Family's Luxury Mansion Purchase in Mumbai Sets Tongues Wagging
Pune-based industrialist Yohan Poonawalla and his wife Michelle's property acquisition in south Mumbai's exclusive Cuffe Parade area has set the real estate market abuzz.
BMC Calls for Increased Housing Stock Through PPP to Boost MMR Redevelopment
BMC Commissioner Bhushan Gagrani emphasizes the need for public-private partnerships to create enough housing stock for redevelopment in the Mumbai Metropolitan Region (MMR).
Rajasthan's Entrepreneurs in Mumbai: Driving the State's Industrial Growth
Mofatraj Munot, a prominent entrepreneur from Rajasthan, founded the Kalpataru Group, a leading player in the real estate sector, in Mumbai. His contributions and those of other Rajasthan-born industrialists have significantly boosted the state's economic