The real estate sector described the Union budget for 2023-24 introduced in Lok Sabha by Finance Minister Nirmala Sitaraman as well balanced. Going by the budget, the country faced the global financial problems with brains. Increasing the capital expenditure up to Rs 10 lakh crore in infrastructural sector aids the country for its economic development. The measures initiated to achieve digital adoption and green economy would pave the way for stable development, financial experts indicate.
Huge allocations made under PM Awas Yojna would lend support to the affordable housing programmes. Increasing the ceiling on income tax up to Rs 7 lakh per annum and reduction of tax in almost of all slabs would improve the cash liquidity. It would be useful in pumping the liquidity into markets. It would develop the real estate sector further. The budget is highly beneficial to the realty sector, which is regarded as the second largest sector after the agriculture. The budget focused on job creation, providing stronger infrastructure and revitalizing the economy, they said calling it as progressive budget.
Real estate sector welcomed increased allocations by 66% to the PM Awas Yojna. Rationalisation of various tax slabs is appreciated in the new tax system. Measures to increase digitalization and make trade easier should be appreciated, they said adding that the budget is favourable to many sectors. The budget focused on development of infrastructure, reaching the green targets, extending tax relief to middle classes and encouraging MSME sector.
