Quote by Mr. Nitin Gupta, Founder and Managing Director, Maestro Realtek

The FM made some announcements that will go on to benefit real estate sector both directly and indirectly: 1)PM Awas Yojana (Gramin) – Despite all the challenges, the implementation of this scheme continued, achieving the target of close to 3 crore houses and now aims for 2 crore more houses to be taken up in the next five years. 2)Housing for the middle class – The government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorized colonies, to buy or build their own houses. This is likely to free encroachment areas like slums for easier redevelopment. 3)Capex outlay allocation to be increased by 11.1% to Rs 11,11,111 lakh cr, accounting for 3.4 % of GDP – This will unlock the potential for real estate development across assets because major part of this allocation will be used for various infra upgrades and new projects. Overall , this budget is focusing on fiscal prudence rather than pre-election giveaways. With a slower pace of capital expenditure and reduced welfare spending, Sitharaman aims to improve India’s fiscal deficit. The budget also prioritizes private sector investment and assumes higher GDP growth.

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