Post- Budget Reactions -Quotes from real estate experts

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."

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.

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.

Mr. 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."

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."

Mr.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."