The Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has delivered a significant stimulus for India's real estate sector. The standout announcement was a substantial Rs 10 lakh crore investment into the Pradhan Mantri Awas Yojana (PMAY) Urban 2.0. This ambitious move reinforces the government's dedication to affordable housing for millions of urban residents.

Industry Experts Applaud Budget Initiatives

Real estate industry leaders are highly optimistic about the budget's impact.

• Saransh Trehan, Managing Director of Trehan Group, hails the PMAY Urban 2.0 as a major step towards achieving the 'Housing for All' goal.

• Dushyant Singh, Director of Orion One 32, emphasizes that the budget's combined focus on affordable housing and infrastructure development will significantly enhance the quality of life for countless Indians.

• Neeraj K Mishra, Executive Director of Ganga Realty, praises the introduction of a Public-Private Partnership (PPP) model for rental housing, seeing it as a catalyst for industrial workforce housing and job creation.

Key Budget 2024 Highlights for Real Estate

• Substantial Investment: Rs 10 lakh crore allocated to PMAY Urban 2.0

• Affordable Housing Focus: Priority on providing housing for all income levels

• Innovative Rental Housing: Introduction of PPP model for rental properties

• Infrastructure Push: Significant investments in infrastructure development, which will further support real estate

Growth Outlook

With its strong emphasis on affordable housing and infrastructure, Budget 2024 is poised to encourage growth in the real estate sector. The increased activity is expected to generate employment opportunities and contribute significantly to India's economic development.

— source : msn.com