Union Budget 2025-26: A Boost for India's Real Estate Industry
The Union Budget 2025-26 has announced several initiatives to promote affordable housing, rental housing, and urban development, providing a much-needed boost to India's real estate industry.
Real EstateUnion BudgetPradhan Mantri Awas YojanaAffordable HousingRental HousingUrban DevelopmentStamp DutyReal EstateJul 23, 2024
The government has also announced plans to facilitate transit-oriented development in 14 large cities with a population above 30 lakh, with an implementation and financing strategy. Additionally, enabling policies and regulations will be put in place to promote efficient and transparent rental housing markets.
In a bid to promote women empowerment, the government has encouraged states to moderate stamp duty rates for properties purchased by women. The centre will also incentivize land-related reforms and actions taken by state governments in rural and urban areas.
Rural land-related actions will include the assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands, digitization of cadastral maps, survey of map sub-divisions as per current ownership, establishment of land registry, and linking to the farmers registry. These actions will facilitate credit flow and other agricultural services.
In urban areas, land records will be digitized with GIS mapping, and an IT-based system for property record administration, updating, and tax administration will be established. This will improve the financial position of urban local bodies.
The government has also announced plans to develop 'Cities as Growth Hubs' through economic and transit planning, and orderly development of peri-urban areas utilizing town planning schemes. A framework for enabling policies, market-based mechanisms, and regulation will be formulated for creative brownfield redevelopment of existing cities.
Andhra Pradesh will receive special financial support through multilateral development agencies for the development of its capital. The central government has made concerted efforts to fulfill commitments in the Andhra Pradesh Reorganization Act.
Furthermore, the government has launched the PM Surya Ghar Muft Bijli Yojana, which aims to install rooftop solar plants to enable 1 crore households to obtain free electricity up to 300 units every month. The scheme has generated a remarkable response with more than 1.28 crore registrations and 14 lakh applications.
Finally, the government will facilitate the development of investment-ready 'plug and play' industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector, by better using town planning schemes.
Frequently Asked Questions
What is the Pradhan Mantri Awas Yojana?
The Pradhan Mantri Awas Yojana is a government scheme aimed at providing affordable housing to rural and urban poor and middle-class families.
What is transit-oriented development?
Transit-oriented development refers to the development of urban areas around public transportation hubs, promoting walkable and sustainable communities.
What is the PM Surya Ghar Muft Bijli Yojana?
The PM Surya Ghar Muft Bijli Yojana is a government scheme aimed at providing free electricity up to 300 units every month to 1 crore households through rooftop solar plants.
What are the benefits of digitizing land records?
Digitizing land records will improve the financial position of urban local bodies, facilitate credit flow and other agricultural services, and promote transparency and efficiency in land transactions.
What is the goal of developing 'Cities as Growth Hubs'?
The goal of developing 'Cities as Growth Hubs' is to promote economic growth, job creation, and sustainable development in urban areas through economic and transit planning, and orderly development of peri-urban areas.
Tags:
Related News Articles
Ashiana Housing Eyes Expansion to Mumbai, Delhi NCR, and Bengaluru Amid Real Estate Boom
Delhi-headquartered Ashiana Housing Ltd. is set to expand its presence in Mumbai, Delhi NCR, and Bengaluru, driven by the demand surge in the real estate sector.
Maharashtra Government Eases Stamp Duty Penalty: What Homebuyers Need to Know
The Maharashtra government has reduced the penalty for underpayment of stamp duty from 2% to 1% to help recover dues and encourage homebuyers to pay the correct amount
Puravankara Ltd's Redevelopment Rights Acquisition Sends Stock Soaring
Puravankara Ltd's shares clock 5% upper circuit after acquiring redevelopment rights of Miami Apartments in South Mumbai, marking its entry into the uber-luxury market.
Transforming Construction: The Impact of Innovation
New technology is transforming the way buildings are designed, constructed, and managed, leading to increased efficiency, sustainability, and productivity in the construction industry.
Macerich Stock Surges to 52-Week High, Reaches $20.29
The market has shown a strong positive response to Macerich's recent operational initiatives. In the latest developments, Macerich, a real estate investment trust, has announced its third-quarter financials.
Emami Realty to Develop 15,000 Crore Worth Real Estate Projects in 7 Years
Emami Realty, the prominent real estate player in India, has announced its ambitious plan to develop 22 million square feet of residential and commercial spaces over the next seven years, with an estimated revenue potential of Rs 15,000 crore.