Interim Budget 2024 Reaction

By Ms Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra

The Interim Budget 2024’s emphasis on advancing housing for the middle class is poised to usher in positive transformations within the real estate sector. The government’s dedication to promoting affordable housing aligns seamlessly with industry objectives. This commitment is expected to fuel increased demand as more consumers aspire to own their dream homes, consequently contributing to the overall growth of the real estate industry. The Central Government’s active push for infrastructure development, particularly in Maharashtra, has paved the way for the emergence of multiple micro-markets across the Mumbai Metropolitan Region (MMR). I am confident that the real estate sector is currently on a promising trajectory, and with continued support from the government, this growth momentum is likely to amplify in the future.

By Mr. Atul Parakh, CEO of Bigul

With the aim of fiscal consolidation, the government focused on reducing the fiscal deficit. However, no major changes were announced to taxes or spending, suggesting. Increased spending on infrastructure projects like roads, railways, and airports was announced, which could benefit the construction, materials, and transportation sectors. Measures to support farmers, such as increased allocation to irrigation and agricultural universities, were included. This could benefit companies involved in agricultural inputs, equipment, and allied services. The budget allocated funds for various social welfare schemes, including healthcare and education. This could benefit companies providing healthcare services, educational infrastructure, and related products. Initiatives to boost the growth of micro, small, and medium enterprises (MSMEs) and startups were announced. This could benefit companies offering financial services, technology solutions, and other support services to these segments.

By Ayushi Ashar – Director at Ashar Group & Member of Managing Committee of MCHI-CREDAI

The real estate industry expects a good change in response to the Interim Budget 2024’s pledge to support middle-class housing. The government’s dedication to helping those who live in unofficial colonies, slums, and rented homes achieve homeownership is a reflection of a revolutionary vision. As real estate developers, we applaud this initiative and anticipate working together to implement solutions for accessible homes. The finance minister’s initiative indicates a common goal for inclusive real estate development. It will boost the industry’s expansion and contribute substantially to achieving the goals of the middle-class population.

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