PM Awas Yojana hike to boost affordable housing market

The Union Budget 2023-24 has provided an indirect boost to the real estate sector with enhanced capital expenditure and gift to the salaried class by providing increased disposable income at hand with the higher tax rebate. The fund hike in Pradhan Mantri Awas Yojana is great news in the affordable housing market. This increase in allocation will help the government achieve its goal of providing affordable housing to all and contribute to the overall growth and development of the country.

Reduction in compliance and relaxation of regulatory provisions is a welcome move from ease of doing business perspective. The steps taken will be crucial in aiding the growth of the real estate sector. The enhanced focus on digitalisation will create more jobs and propel demand for residential real estate across the country.

The unwavering focus on infrastructure is a welcome move for the industry as it will be significant in maintaining the buoyancy witnessed in the realty sector in the recent past. While the budget has addressed some key issues, there are currently several grey areas when it comes to schemes, taxation,

Sterling Developers Chairman and Managing Director Ramani Sastri describes positive outlook with respect to steps taken in budget for propelling demand in realty sector

funding, etc where the government should provide a helping hand going forward.

It is imperative for the government to pay special attention to the real estate sector and have provisions for its well-being in the near future. Overall, we believe that the Union Budget has ushered in a balanced combination of reforms and regulations, which will, in turn, contribute positively to India’s growth story.