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Budget 2022:23: Real Estate Industry Welcomes Budget Initiatives

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Here are some views from industry experts from the real estate sector on the Union Budget, 2022-23 and its impact on the real estate sector.

 
Budget 2022:23: Real Estate Industry Welcomes Budget Initiatives

Dhaval Ajmera, Director, Ajmera Realty:

"There were few citations during the Union Budget announcement which provide indirect stimulus for all the key real estate asset classes - commercial, residential and warehousing. The New SEZ Act will be significant booster for the commercial real estate and can be seen as an enabler for inducing institutional capital flow in the asset class. Announcement of Gati Shakti framework that will focus on the development of multimodal logistic parks and cargo terminals can be noted as great initiative for the warehousing sector. The focus of transit oriented infrastructure development will definitely pave way for more employment hubs thereby, unlocking the residential and commercial build up potential in the key micro markets of a city.

Alongside this, announcement of capping the surcharge on the long term capital gains at 15 per cent is a sign of encouragement for real estate sector as it will make transactions quicker and also empanel our honorable Prime Minister's vision of Housing For All in an effective way. Outlining a new reform of one land and one registration system will prove beneficial to the real estate sector. Although there has been a booster for the affordable housing by providing a package of 48,000 crore, a standard definition of 60m and 90m affordable home would have given a bigger boost to the entire housing industry which indirectly supports 260+ industries across India. The core focus on digitalization will make the role of data centres even more prominent."

 

Ram Raheja, Director at S Raheja Realty

"The budget certainly has impacted the overall sentiment positively. The premium luxury market has been performing well especially in urban areas. The 1 lakh crore assist to states is likely to help states improve overall infrastructure. Proposal for modernization of building bylaws and town planning schemes too will help in improving the urban infrastructure. The ease of doing business proposition is a promising proposition. Forward looking announcements like digital rupee will aid the positive sentiment further. We expect demand to rise for premium units with the announcement on capping on long term capital gains tax at 15%."

Rohit Poddar, MD, Poddar Housing & Development Ltd

"The Union Budget for the year 2022-23 is a forward-looking plan that attempts to boost demand and economic growth. We applaud the government's decision to allot Rs. 48000 crore under the PMAY. With a high-level committee of urban planners and institutes to formulate policies for sustainable urban development for India@100, the budget will give a boost to the real estate sector. The focus on infrastructure and digital currency is a welcome move.

Even though there is a major boost to affordable housing, significant announcements, such as the inclusion of an input tax credit in the GST and policy reforms to expedite the completion of stalled projects have largely gone unnoticed. We were hoping for some changes to the tax slabs, which would have resulted in more savings for consumers and, as a result, increased consumption, particularly in the real estate sector. We had expected the entire Real Estate sector to be granted Infrastructure status & widening the definition of affordable housing which would be favorable to lenders, developers, and house buyers by allowing access to cash and expediting project completion.

Lastly, the PM Gati Shakti will boost the economy that will modernize infrastructure development, and garner more job opportunities for the youth."

Ayan Nagpal, Director, Agrocorp Landbase:

"The government is focussed to give a boost to MAKE IN INDIA and DIGITAL INDIA clearly. The enhancement of capital expenditure will give a major boost to infrastructure development and growth which will act as a catalyst to achieve set goals at macro level.
During the pandemic india has emerged as a preferred destination for setting up of large manufacturing units because of rich human capital, the govt further added fuel to this fire by introducing PLI( production linked incentives)& single window clearance schemes across different sectors and states.

Bangalore is the silicon valley of india and the city is bound to grow with the growth of DIGITAL india. Bangalore has become a preferred destination for emerging startups as well as the unicorns companies of the world to set up a base.

Invest karnataka has multiple schemes and offerings to lure the manufacturing giants willing to enter india to set up their base in Bangalore.

Overall a common and basic requirement to fulfil the needs of the "Growing India" is availability of clean title land that be acquired to "unlock its potential".

Agrocorp sees great opportunity in the current scenario and hopes to play an important role in this emerging India to satisfy the land requirements."

Read more about: budget 2022 real estate
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