Post-Budget Quotes:
Harsh Parikh - Partner at Khaitan & Co.
“The vision of the Central Government to implement a housing scheme for the middle class and the ones living in the slums across India, is a big opportunity for real estate players to partner with the Government for futuristic sustainable development.”
Mr. Aryaman Vir - CEO, WiseX
“The FM's interim budget is balanced from the point of view of adhering to fiscal prudence, boosting infrastructure growth, and prioritizing focus on four key sections of the economy - the poor, women, youth, and farmers. While the silence on real estate specifics is noticeable, the increased allocation for infrastructure is a promising indicator for the economy's overall health and an indirect boon for the real estate sector. The focus on reducing the fiscal deficit to below 4.5% by FY26 offers stability, likely to enhance investor confidence in Indian equities and bond markets. Of particular interest is the substantial ?1 lakh crore innovation fund, a significant stride towards fostering technological growth. This is a beacon of optimism for startups and fintech firms, signaling strong governmental support for their crucial role in shaping India's economic future."
Avneesh Sood - Director, Eros Group
“Union Budget 2024 signifies a pivotal moment for the Indian real estate sector with its focus on inclusive development. The commitment to PM Awas Yojana Grameen, targeting 2 crore houses, and a special scheme for the middle class emphasizes the government's dedication to housing for all. The success of PM Awas Yojana Grameen, nearing 3 crore houses, and the promise to construct an additional 2 crore houses in the next 5 years, underlines the robust momentum in the housing sector. The budget's acknowledgment of over 70% of houses under PM Awas Yojana going to women reinforces the socio-economic impact. The doubling of airports to 149 and the India Middle East Europe Economic Corridor announcement reflect a positive outlook for infrastructure and economic activities. With FDI inflows at $596 billion, the real estate sector anticipates sustained global investor confidence. The incorporation of Rooftop solarisation aligns with sustainable living goals, contributing to an eco-friendly real estate landscape. Overall, Budget 2024 sets a transformative path for real estate, aligning with national development objectives”.
Rishabh Siroya - Founder, Siroya Corp and President, NAREDCO, NEXTGEN Maharashtra
"We appreciate the Finance Minister's announcement of an additional two crore houses under the Pradhan Mantri Awaas Yojana - Gramin. This not only addresses the crucial need for affordable rural housing in India but also promotes socio-economic empowerment. The government's dedication to narrowing the housing gap is commendable, reflecting a committed effort towards inclusive development. Additionally, the Finance Minister has increased the outlay for infrastructure to Rs 11.11 lakh crores in FY25. This added funding is expected to contribute to the overall growth of the real estate sector in the country".
PM Awas Yojna - Mr. Amit Mishra, Co-Founder, 91 Squarefeet
"The Finance Minister's announcement of constructing 2 Crore more houses under PM Awas Yojna heralds a new era of growth, benefiting not only real estate developers but also financial institutions. As more individuals opt for housing loans, this initiative promises to fuel economic prosperity, fulfilling the aspirations of the rural and urban poor, as well as the middle class. Beyond providing homes, it stands to generate employment opportunities, weaving a tapestry of progress for both individuals and the industry at large."