News Desk, News Nation 360 : Leading eastern regional real estate developers reacted to the Union Budget 2024. They have discussed some valuable insights on the pros and cons along with how it will impact the real estate industry in the region in the long run.
Sahil Saharia, CEO, Shristi Infrastructure Development Corporation Limited stated that the government's commitment to addressing middle-class housing needs is one noteworthy feature of the current budget. This initiative's main objective is to provide these people with the ability to build or purchase their own homes. This proclamation is a major step towards advancing affordable housing and fulfilling the middle class's aspiration of becoming homeowners. By focusing on those living in rental properties or informal settlements, the government is acknowledging the difficulties that a significant section of the populace faces and taking proactive steps to give them access to a feasible route to home ownership.
Arya Sumant, Managing Director, Eden Realty stated that they applaud the government's move to introduce a programme that will enable worthy middle-class individuals who are renters or living in slums to construct or purchase a home of their own. This will have a long-term impact on the real estate sector as well as allied industries like home finance and building supplies like cement. When the final budget is unveiled in July, they anticipate a more comprehensive plan.
Rishi Jain, Managing Director of Jain Group stated that there are no needless populist policies, significant structural adjustments, or pointless tax rate tinkering. Since businesses thrive on stability and giving away freebies at the expense of taxpayers is undesirable, this is a welcome move. It is certainly reason for celebration that the PMAY-Grameen programme is being strengthened and that the housing for all missionaries is being expedited. He believes that the real estate sector will benefit from the increased capital expenditure on long-term infrastructure. Finance and encouragement for domestic travel are also advantageous. He also thinks that there will be hope for the Indian economy in the future.
Sanjay Jain, MD, Siddha Group stated that they express their sincere gratitude to the government for its commendable choice to include a forward-thinking programme in the interim budget that will assist the worthy middle-class segments, especially those living in rent or in slums, in achieving their goal of "buying a home of their own." This prudent action is expected to stimulate not only the real estate market but also related industries like home financing, sourcing materials, architecture, and design, among others.
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