On the 5th of July, 2019, Nirmala Sitharaman proposed a Union Budget that received mixed reactions from different sectors and industries. The budget was presented keeping a vision for the next ten years in mind. The main focus was on improving infrastructure and boosting foreign investment while also providing incentives and benefits for startups.
The real estate sector, which has been a strong pillar behind the development of India, has benefited from the Finance Minister’s vision but the advantages have been reserved for the housing sector. The general opinion has been that “the budget had a few hits and several misses,” which basically translates to a mixed review for the proposals made.
Proposals made that affect the Realty Sector
The government has tried to improve the conditions of the realty sector, especially after the decline in the last few years due to liquidity crunch. The Budget has led to some reforms that may lead to growth of the industry in the long run.
The government mainly focused on affordable housing, keeping in mind their vision for 2022 - ‘Housing for All’. They aim to build about 1.95 crore houses under the Pradhan Mantri Awaas Yojana (Gramin) Scheme. In the urban areas, the main aim of the government has been to promote rental housing by proposing to change the tenancy laws. The overall effect of the Budget seems to benefit first time home buyers and reduce the liquidity crunch that might help revive the declining real estate sector. For the first time in a long time, it seems like the real estate sector is back on track to development and growth.
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