Budget 2024 - Reaction quotes

Vihang Sarnaik - Director, Vihang Group
"A critical facet of my expectation from the Budget was the re-evaluation of affordable housing criteria. I was expecting that the Honourable Finance Minister would find some merit in establishing a separate affordable housing index for each Tier-1 and Tier-2 cities with impetus to the housing affordability in key Metro Cities and its Periphery. While considering the affordability of housing, it was essential to consider factors such as inflation, land cost, construction cost, approval cost, and labour cost for defining affordability in housing. For instance, in the case of Mumbai, where housing costs are notably high, we thought that the interim Budget would increase the price ceiling on affordable housing from Rs 45 lakhs to Rs 90 lakhs so that the whole affordable scheme benefits a large chunk of people living in the unorganised sector. As per the current affordable housing scheme, the limit is set at ?45 lakhs and you will not find a single home in Mumbai in that price bracket. So, the scope of availing the full benefit of credit link subsidy under PMAY is non-existent in Mumbai."

Aditya Kushwaha - CEO and Director Axis Ecorp
“While the interim budget did not feature substantial announcements specifically addressing the real estate industry, we acknowledge the government's broader vision outlined for 'Viksit Bharat.' The notable announcement was the revised fiscal deficit estimate at 5.8% of GDP, underscoring a commitment to fiscal responsibility and the cultivation of a stable economic environment. Moreover, the budget's focus on promoting tourism is promising, holding the potential to greatly benefit the real estate and hospitality industry by opening up new avenues for growth and investment”.

Ms. Amrita Gupta - Director of Manglam Group and Founder President, CREDAI Rajasthan Women's Wing
“The interim budget's dedicated focus on women empowerment signals a progressive stride towards inclusivity and gender equality. With increased Mudra Yojana loans to women and increasing participation in higher education and STEM courses, the government is working towards uplifting women economically and socially. Moreover, the augmentation of the Housing for All Scheme, coupled with robust investment in infrastructure, heralds a new era of opportunity and development across urban and rural landscapes. Emphasis on spiritual tourism and development in regions like Lakshadweep breathes new life into the real estate sector. The estimated fiscal deficit at 5.1% in 2024-25 highlights a prudent approach towards economic management, which augurs well for the real estate industry. As India strides confidently towards its vision of Amrit Kaal and Viksit Bharat by 2047, the real estate sector stands as a cornerstone of prosperity, driving inclusive growth and shaping the destiny of a resurgent nation”.

Aditya Virwani - COO, Embassy Group
“The government's announcement of a scheme to facilitate home ownership for deserving sections of the middle class is a commendable step in line with the Housing for All initiative. This not only addresses a crucial need for our young population but also propels the housing sector into a new era of growth, fosters inclusivity, and ensures that homeownership becomes a reality for a larger section of our society. As we anticipate the final budget under the new government, we hope for continued support, including reduced home loan rates, favourable tax policies, and incentives for sustainability. These measures will be crucial in fostering an environment conducive to the growth of the real estate sector and contributing to the larger vision of India becoming a USD 7 trillion economy."