"We welcome the announcements presented today in the Union Budget by the Honourable Finance Minister. The Union Budget for FY 2024-25 has further strengthened the government's commitment towards long-term social and infrastructure development. The 11.1 lakh crore outlay for capital expenditure, which has risen from 3.3% of GDP in FY 2023-24 to 3.4% in FY 2024-25, will continue to support the agenda for the development of railways, roads, and overall logistics infrastructure in the country. The 12 industrial park projects identified under the National Industrial Corridor Development Program are massive undertakings with the potential to grow economic hubs and boost real estate development along their alignment.
The government continues to promote the creation of affordable housing for the masses by allocating 10 lakh crore under the aegis of the PMAY scheme. Additionally, the initiatives taken to boost rental housing, such as the planned setting up of a regulatory framework and the specific creation of dormitory-style rental housing for industrial workers, mark the beginnings of a much-needed rental housing market in the country. The 1.48 lakh crore outlay dedicated to employment generation should play an important role in boosting incomes for homebuyers in the affordable housing segment.
The specific measures to introduce technological reforms within the regulatory framework for land, such as the digitization of land records and cadastral maps via GIS mapping, will vastly improve transparency in the sector. We also welcome the initiatives taken to boost tourism corridors in states like Bihar and Odisha, in addition to the 15,000 crore allocation toward the development of the capital of Andhra Pradesh, which will boost corollary real estate development."
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