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Interim Budget 2024: Real estate developers welcome announcement on housing scheme for middle class
Developers welcome government’s plan to launch housing scheme for those living in rented accommodations, slums or chawls to buy or build their own houses
PUNE As Union finance minister Nirmala Sitharaman presented the interim budget on Thursday, stakeholders from the real estate sector in Pune said that the announcements took care of immediate and long-term goals, catering to various sections of the population.
Sitharaman announced that the government will launch a housing scheme for those who are living in rented accommodations, slums or chawls to buy or build their own houses.
Reacting to the announcement, Ranjit Naiknavare, president of Confederation of Real Estate Developers’ Associations of India (CREDAI) Pune Metro, said, the government has announced a passing reference to special housing schemes for the middle class while showcasing its vision of a shift from ‘rental to self-owned housing.’
“This would encourage the deserving sections of the middle class to buy or build their own houses and would aid in the growth of the housing market,” he said.
“Under the Pradhan Mantri Awas Yojana (Gramin), three crore houses have already been built, and the government is now set to deliver two crore more housing in the next three years, which I find very promising,” Naiknavare said.
Vishal Gokhale, chairman and managing director, Gokhale Constructions, said, as this was the interim budget, no major announcements were expected.
“Announcements like the construction of two crore houses in the next five years under the Pradhan Mantri Awas Yojana, and the plan to use solar energy on rooftops of 1 crore houses are quite welcoming. Similarly, the announcement to provide interest-free or low-interest loans of ₹1 lakh crore to the tech-savvy youth of the country for the next 50 years is promising for aspiring entrepreneurs,” he said.
Satish Magar, chairman and MD, Magarpatta City, said, “Centre’s budget despite being interim has focused on various things. The announcement of two crore houses is a welcome step while the new tax regime introduced previously will indirectly help the real estate sector.”
Corporate reactions
The continued focus of the Union budget on pivotal sectors is a commendable step. The new step to bolster deep tech in defence sector should be viewed as a strategic investment towards Atma Nirbharta in critical emerging technologies and aimed at providing a technical edge while boosting national security, said Baba Kalyani, chairman and MD, Bharat Forge.
‘Amritkal as Kartavyakal’ quoted by the finance minister during the interim budget 2024 is very opportune for realising the vision of Vikasit Bharat by 2047. Continued emphasis on green growth during this budget augers very well for achieving the Net Zero Goal by 2070. The announcement of a new scheme for propagating bio-manufacturing to introduce environment-friendly alternatives on regenerative principles is a welcome step for the inclusive growth of the farming community. This will further boost bio economy’s contribution to the nation’s GDP in times to come, said Pramod Chaudhari, executive chairman, Praj Industries Limited.
