quotes from real estate experts on budget 24’

Prateek Mittal, Executive Director Sushma Group

The budget’s announcement of housing provisions for middle-class renters is poised to invigorate real estate development in Tier 2 and 3 cities. An increase in CAPEX and a fillip to Gatishakti will aid infrastructure expansion, stimulating further growth in the real estate sector. Moreover, allocating a 1 lakh crore corpus for long-term, low or interest-free loans spanning 50 years will foster growth in technology-driven sunrise sectors. This is a commendable step, promising to propel innovation and economic advancement and boost the commercial realty segment’s growth.

Vidush Arya, Head – Strategy, Orris Group

We welcome the budget and anticipate a positive response from the real estate sector. The 11% boost in the infrastructure budget will undoubtedly accelerate growth. Prospective buyers are anticipated to demonstrate a sustained interest in the real estate market as the government declared that the income tax slab will remain stable. It is promising that a 1 lakh crore corpus is being announced for a long-term, 50-year loan with low or no interest to support tech-savvy growth in the emerging sectors. This action would boost construction activity, which is good for real estate development in metro cities.

The government has once again shown a positive attitude towards Vande Bharat and Namo Bharat (Rapid Train) and has made it clear that infrastructure development is their foremost priority. This will directly benefit the development of cities. The rapid rail system will directly benefit the development of Noida and Greater Noida. Along with this, capital expenditure has been increased by 11%, which will further strengthen the infrastructure of various sectors. Although everyone was expecting an increase in the income tax slabs, with the slabs remaining stable, the real estate sector is expected to remain robust in 2024 as well.- Dr. Amish Bhutani, Managing Director, Group 108.

Salil Kumar, Director Sales and Marketing, CRC Group

We applaud the government’s budget and hope the real estate sector will respond favourably. The budget for infrastructure will increase by 11%, which will undoubtedly speed up growth. Since the government has announced stability in the income tax slab, prospective buyers are expected to showcase a continued interest in the real estate sector. With ample focus on infrastructural projects such as metro and rapid rail, the connectivity would also contribute to the overall development.

Vikas Bhasin, Chairman & Managing Director, Saya Group

The increase in the capital expenditure by 11% will surely enhance growth in the market. Also, the plans to promote Namo Bharat will also bring ease in connectivity among various cities, increasing the demand for property investments. The advent of metro rail and rapid rail has already been attracting massive investors and the trend is expected to continue over the next few years as well. Commercial real estate’s development would stay on the upward trajectory with the positive environment created by these factors.

Amit Modi, Director County Group

It was expected by the Government to be fiscally prudent given that it was an interim budget, but what has been a welcome suprise is the government’s continuous importance towards PM Awas Yojana Rural whereby 2 crore more houses will be taken up in the next five years to meet the requirement arising from the increase in the number of families.

We also appreciate governments announcement to provide housing for middle-class to realise their dream of owning their own home and  eagerly look forward to the finer details towards this cause._

Real Estate industry has been at the forefront of job creation and skill development, so we welcome the proposed measure to promote skill development and create 55 lakh new job opportunities for the youth.

Overall this balanced budget has maintained the much needed stability the economy required while going into the high decibal national event of General Elections and look forward to next budget in July 2024.

Surender Kaushik, MD, Aryan Realty Infratech Pvt Ltd

The 11% surge in the infrastructure budget signals a promising future. The government’s decision to stabilize the income tax bracket not only instills confidence but also amplifies the trust of potential buyers in the real estate market, laying the foundation for a resilient and strong realty landscape.

Rajesh K. Saraf, Managing DIrector Axiom Landbase

We wish to convey our thanks to the Honorable Minister for unveiling the 6th budget. The provision of Rs 1 lakh crore for a 50-year long-term low or interest-free loan to foster technological innovation in emerging industries is a commendable move. This measure not only enhances the competitive position of the private sector but also stimulates construction activity, thereby contributing to the growth of real estate in significant urban hubs.

Ankush Kaul, chief business officer – Ambience Group

The increased spending proposed by the government on infrastructure will add to the country’s general economic prosperity and drive the demand for residential, commercial and retail spaces. The increase in CAPEX will provide a fillip to the infrastructure development, and lead to real estate development.

Yash Miglani, MD, Migsun Group

We welcome the government’s budget and are anticipating a positive response from the real estate sector. With the continued focus on the development of tier-2 and tier-3 cities, the government has enhanced the growth of these regions with the construction of airports and other connectivity modes to improve accessibility and visibility. This trend is expected to bring a further boom in real estate investments with increasing disposable income of prospective buyer.

Nayan Raheja of Raheja Developers

The increased spending on infrastructure, while on the one hand, increasing prosperity, will also boost economic prospects, which will encourage both the housing and commercial realty segments. Further, increase in the CAPEX outlay for 2025, by 11.1% to 11.11 lakh crores for 2025, as announced by the Finance Minister in her budget speech are also expected to aid the growth the real estate development.

Ashwinder R. Singh, Co-Chairman, CII, NR Committee for Real Estate, CEO Residential at Bhartiya Urban

Commending the government’s forward-looking budget, the emphasis on affordable housing and infrastructure initiatives will ignite demand and unlock sector potential. The proposed Development Financial Institution adds a critical financing dimension. This budget sets the stage for robust growth, job creation, and a resilient infrastructure ecosystem. 

Rajjath Goel, Managing Director, MRG Group

The increase in infrastructure spending is expected to improve economic prospects, which will benefit both the residential and commercial real estate markets. Additionally, the Finance Minister’s announcement of an 11.1% rise in CAPEX outlays to 11.11 lakh crores for 2025 is anticipated to support the expansion of real estate construction.

“The economy seems to flourish in light of the recent budget announcement. It will give the real estate sector a boost. With infrastructure spending, economic growth, and an increased emphasis on technology-driven sunrise industries, the budget is expected to stimulate real estate development in residential and commercial segments. The introduction of housing provisions for the middle class in the budget is expected to stimulate real estate development in Tier 2 and Tier 3 cities.” Says Mr Mukul Bansal, MD attention Motiaz.

Manoj Gaur, CMD Gaurs Group and President CREDAI NCR

The announcements in tbe budget focus on infrastructure development. This budget takes India’s growth story forward. It definitely promotes infrastructure development. The measures taken by the government in the last few years have propelled Crores of people out of the poverty line. These people will need better housing. In the end, it will benefit the real estate sector. It is also a relief that no new tax has been imposed. Inflation is also under control, and the economy is on the fast track of growth. Under these circumstances, the real estate sector believes the current budget will aid its growth.