Finance Minister Nirmala Sitharaman revealed the Interim Budget ahead of this year’s general elections, announcing a significant increase in infrastructure spending and highlighting upcoming “golden moments” for the government. One notable proposal was a scheme facilitating home ownership through purchase or construction, serving as a temporary measure until the new government assumes power. The emphasis on critical sectors like real estate sparked widespread discussion and reactions.
During her address in Parliament, Sitharaman underscored her government’s accomplishments, citing the outlawing of “Triple Talaq,” reservation of one-third of seats for women in legislative bodies, and empowering women through over seventy percent of houses allocated under the PM Awas Yojana in rural areas. Despite Covid-related challenges, the implementation of PM Awas Yojana (Grameen) persisted, nearing the goal of three crore houses. Additionally, plans were outlined to address the housing needs of an expanding population by initiating two crore more houses in the next five years.
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Sitharaman also pledged support for deserving sections of the middle class residing in rented accommodations, slums, chawls, and unauthorized colonies to facilitate home ownership.
The announcement received positive feedback from real estate stakeholders. Navin Dhanuka, MD and CEO of ArisUnitern RE Solutions Pvt Ltd commended the housing scheme for the middle class and the plan to construct twenty million rural homes, aligning with the Housing for All agenda and promoting inclusive economic growth. He also applauded the significant female ownership in PM Awas houses, signaling a vital social change.
Angad Bedi, MD of BCD Group, expressed optimism about the Interim Budget’s implications for the real estate sector, particularly the affordable housing segment. He anticipated fresh perspectives in the forthcoming budget, foreseeing ample opportunities for the sector to recover from recent setbacks.
Overall, the Interim Budget reflects the government’s commitment to addressing housing needs, promoting gender equality, and fostering economic growth through infrastructure development and inclusive policies.
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