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The real estate sector is now recovering after the strong hit of the Covid-19 pandemic. The union budget 2022 addresses some concerns of the real estate sector, in particular, the housing sector and infrastructural development.
The Finance Minister Nirmala Sitharaman presented the union budget 2022-23 and has announced various reforms in the urban sector policies, capacity building, planning, implementation, and governance which is expected to ease the pressure of urbanization on cities and provide a boost to the real estate sector.
Some of the key highlights of the budget 2022 are:
1. Pradhan Mantri Away Yojana (PMAY):
The first main target for the real estate sector was Pradhan Mantri Away Yojana (PMAY), in which Rs. 48,000 Cr Allocation of the budget has been done which is 75% higher than the Rs 27,500 crore budget allocation made in FY22.
2. ‘Gati Shakti Master Plan’
The second main target for the real estate sector was ‘Gati Shakti Master Plan’, in which the first outlay of Rs 20,000 crore for 2022-23. This Scheme will be proved as a transformative approach for economic growth and sustainable development. PM Gati Shakti Master Plan will be based on Seven engines – railways, roads, airports, ports, mass transport, waterways, and logistics.
3. Affordable Housing:
The third major step is towards ‘housing for all initiative’ and boosts the economic activities. The government is planning to target the funds in the same way for next year also with a target of 80L homes to urban and rural peoples. This will boost the economy at large and add benefits to both builders and customers.
4. Digitalization of records:
The fourth major target is on digitalization of land records. The FM encourages the states to adopt a unique land parcel identification number, by which anywhere registration of deeds can transfer can be done just in a few simple steps. This has been done to promote one nation one registration from anywhere in the country. This step of FM will add value to the real estate sector at a massive level.
5. Infrastructure Projects:
The head of infrastructure projects has become quite interesting, as, under the head, there are planning’s like the expansion of highways by 25,000 km spread throughout the country, allocating Rs 60,000 crore to the Nal Se Jal scheme, the commencement of five river link projects across many states will help the country’s overall growth.
This will push the country’s infrastructure development and will become advantageous to the real estate sector.
Concluding remarks of Mr. Amit Kumar Gehlot (Founder and CEO), Propertyxpo:
To sum up all the key points discussed related to the real estate industry in budget 2022, it can be said that the schemes laid down in the real estate sector could see a growth angle. There is a focus on the overall growth of the sector. This will also help in speedy recovery after the pandemic. The proclamation made with respect to infrastructural development, housing schemes, etc, will definitely work in the favor of the builders and developers’ fraternity and help in adding growth to the real estate sector at large.
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