Post Budget quotes

23 Jul 2024 CW Team

Vinayak Pai, MD and CEO, Tata Projects

"The Finance Minister's budget reaffirms the government's commitment towards infrastructure development, which is crucial for India's economic growth. The allocation of Rs 11.11 lakh crore for capital expenditure, representing 3.4 percent of our GDP, signals a strong foundation for the infrastructure sector expansion. We view this as an opportunity to contribute significantly towards nation-building. The government's focus on promoting private investment through viability gap funding and enabling policies align perfectly with our vision for contribution to the 'Make in India' initiative. We are particularly excited about the proposed market-based financing framework, which could unlock new avenues for project funding.

Additionally, the emphasis on upgrading 1000 industry training institutes is a game-changer and further aligns with our ongoing initiative on rapid skill development such as the ‘Skill Shakti and Nirman Nayak.’ It addresses the critical need for skilled workforce in our sector, and we're eager to collaborate in shaping the curriculum that meets industry demands.

Furthermore, the government's focus on increasing women's workforce participation is encouraging, and Tata Projects is committed to supporting this through our DEI programs such as ‘On Her Shoulders’ and ‘Building Safe Spaces.’ The sustained focus on infrastructure over the next five years offers a stable outlook for the sector. Tata Projects is leveraging these opportunities to drive predictable project delivery through innovation and sustainable practices in infrastructure development, contributing to India's development goal of becoming a developed nation by 2047."

Shashank Paranjape, Managing Director, Paranjape Schemes (Construction)

“If the proposed measures such as reduction in stamp duty for first time homebuyers and women buyers are implemented then it will provide a much-needed boost to the real estate market”

Shalabh Chaturvedi, Managing Director, CASE Construction Equipment – India & SAARC region

“The Finance Minister's announcement of Rs 2.66 lakh crore for rural development, including rural infrastructure, in the Union Budget 2024-25 is a significant investment that aligns with our mission to support and enhance India's rural infrastructure. Starting from the introduction of the Jan Samarth-based Kisan Credit Card, and the support for Andhra Pradesh, Bihar, and other key regions, the government’s holistic approach to infrastructure, skilling and rural development are vital initiatives.

Additionally, the focus on employment and skills with an allocation of Rs 2 lakh crore is encouraging. The various schemes for employment-linked incentives and skilling programmes will create a skilled workforce ready to meet the demands of modern infrastructure projects. This budget reflects a balanced approach to developing infrastructure while empowering the workforce and we are excited to be a part of this transformative journey. Initiatives such as providing one month’s wage for first-time employees, creating job opportunities for 30 lakh youths in manufacturing, and supporting skilling programs for 20 lakh individuals are a great way of boosting productivity, enhancing infrastructure and employment opportunities across the country.”

Sidharth Pansari, Director of Primarc Group and President of Credai Bengal

“The Union Budget 2024-2025 reaffirms our commitment to urban development, emphasising affordable housing with the announcement of three crore additional houses under the PM Awas Yojana. This move is set to bolster the real estate market significantly, driving demand and enhancing infrastructure development. Additionally, the reduction of stamp duty, especially for women property owners, will encourage more investments in real estate. Our focus on improving urban infrastructure and housing facilities will ensure a steady growth trajectory for the real estate sector, promoting economic resilience and sustainable urbanisation.”

Pradeep Misra, Chairman & MD of Rudrabhishek Enterprises (REPL).

"The 2024 budget shows a strong focus on inclusive development around infrastructure focus, taking into account both local needs and global economic conditions. The big investment of Rs 11.11 lakh crore for infrastructure, which is 3.4 percent of GDP, shows the government's commitment to growth through infrastructure spending. This ongoing focus on infrastructure in recent budgets is likely to have a positive effect on many parts of the economy.

The Rs 10 lakh crore plan for PM Awas Yojana-Urban 2.0 is a big deal for housing and construction. This, along with tweaking in income tax, could bring more people into the affordable housing market, boosting demand and creating jobs in construction. Several announcements have been made for the generation of employment and skill enhancements. These will ultimately increase the disposable income at the household level that will push growth in overall economy, especially the housing segment.

The focus on improving water supply, sewage treatment and waste management in 100 big cities offers good opportunities for companies working in urban infrastructure. The Rs 2.66 lakh crore for rural development could help balance out growth between cities and rural areas. Additionally, the launch of Phase 4 of the PM Gram Sadak Yojana to provide all-weather roads to 25,000 rural habitats is a significant step towards improving rural connectivity and economic opportunities. However, we were expecting the announcements related to the fund outlay for Smart City Mission 2.0. The plan to develop TOD in 14 large cities will also definitely help in creating industrial and commercial hubs in these catchment areas. Digitalisation of land records in urban areas with GIS mapping will increase the transparency and provide the better administrative services.

Encouraging private investment through funding support and new financing options is a smart move. This could bring more private money into infrastructure projects, leading to new ideas and better efficiency. However, for this to work well the government needs to address issues like land acquisition and environmental clearances.

While the budget sets big goals for infrastructure growth, keeping the government's spending in check will be a challenge. The attention given to small and medium businesses is also important, as it supports a key part of the Indian economy. The mandatory TReDs registration turnover criteria has been lowered to Rs 250 crore which will bring a big cash flow relief to MEMEs if implemented properly. Overall, this budget could greatly change India's economy through infrastructure development. The key will be to carry out these plans effectively and keep focusing on them in the coming years."

Pradeep Misra, Chairman and MD, Rudrabhishek Enterprises (REPL)

"The 2024 budget shows a strong focus on inclusive development around infrastructure focus, taking into account both local needs and global economic conditions. The big investment of Rs 11.11 lakh crore for infrastructure, which is 3.4 percent of GDP shows the government's commitment to growth through infrastructure spending. This ongoing focus on infrastructure in recent budgets is likely to have a positive effect on many parts of the economy.

The focus on improving water supply, sewage treatment, and waste management in 100 big cities offers good opportunities for companies working in urban infrastructure. The Rs 2.66 lakh crore for rural development could help balance out growth between cities and rural areas. Additionally, the launch of Phase 4 of the PM Gram Sadak Yojana to provide all-weather roads to 25,000 rural habitats is a significant step towards improving rural connectivity and economic opportunities. However, we were expecting the announcements related to the fund outlay for Smart City Mission 2.0. The plan to develop TOD in 14 large cities will also definitely help in creating industrial and commercial hubs in these catchment areas. Digitalisation of Land records in urban areas with GIS mapping will increase the transparency and provide the better administrative services.

Encouraging private investment through funding support and new financing options is a smart move. This could bring more private money into infrastructure projects, leading to new ideas and better efficiency. However, for this to work well, the government needs to address issues like land acquisition and environmental clearances.

Overall, this budget could greatly change India's economy through infrastructure development. The key will be to carry out these plans effectively and keep focusing on them in the coming years."

Anshuman Magazine, Chairman and CEO - India, South-East Asia, Middle East and Africa, CBRE

“We welcome the government’s first full budget in its third consecutive term focused on its pursuit of Viksit Bharat. The budget has been sharply concentrated on infrastructure development, employment generation, housing, skill development, MSMEs, and increasing the participation of women in the workforce. The enhanced focus on MSMEs through credit guarantee facilities and Mudra loans will significantly boost investment and lead to the creation of numerous small and medium enterprises. Additionally, the introduction of internship opportunities in 500 top companies is an excellent initiative to integrate young talent into mainstream businesses.

Specifically for the real estate and infrastructure sector, the focus continues notably on Industrial parks, industrial corridors being set up, Purvodaya, PM Awas Yojana, urban housing, transit-oriented development of cities and creative redevelopment of cities across the country. Needs of 1 crore urban poor and middle-class families will be addressed with the announcement of PM Awas Yojana 2.0. Also, the expected revision of stamp duties across states will make property registration more affordable, especially for women. Furthermore, we anticipate that the rental housing market will become more organized, with new policies and regulations enhancing safety, transparency, and availability. Many cities are poised to benefit from these changes. Lastly, transit-oriented development will not just facilitate the development of cities but also generate employment across ancillary industries.”

Boman Irani, President, CREDAI.

”CREDAI congratulates the Finance Minister for presenting the Union budget 2024 – 25 that lays a development vision for the next five years. The focus on education, skilling, MSMEs and middle class with women, youth and farmers as key stakeholders in achieving the vision of “Viksit Bharat”, FM has made allocations to all key areas that are crucial for sustaining India’s growth story.

Under the PM Awas Yojana-Urban, the housing needs of 1 crore poor and middle-class families will be addressed with an allocation of Rs 10 lakh crore. This will include the central assistance of Rs 2.2 lakh crore in the next five years. The FM also made an announcement of allocations for completion of 3 crore houses in rural and urban areas to enhance ‘Ease of Living’ and dignity for crores of Indians. These announcements reiterate the Government's focus on “Housing for All”. Rental housing with dormitory type accommodation for industrial workers in PPP mode is also the need of the hour. The Government continues to recognise the growing urbanisation and cities as growth hubs. Capital expenditure of Rs 11.11 Lakh crore i.e. 3.4 percent GDP for infra will propel growth through infrastructure development and enhance connectivity across the country.

MSMEs are growth engines of the country, and the Credit guarantee schemes for MSMEs in manufacturing announced today with a new credit assessment model and a guarantee cover of 100 crore will not only create employment but will also support PM’s “Make in India” vision and position India as a manufacturing hub for the world.”

Shrinivas Rao, FRICS, CEO, Vestian said, “Announcements under the Union Budget 2024-25 are a step towards achieving the goal of Viksit Bharat by 2047. The budget continued its focus on infrastructure development and provided impetus to employment generation with an aim to bridge the skill gap and boost the Indian economy.”

Rao added, “The budget witnessed several announcements which may boost demand for real estate assets - A budget allocation of Rs 10 lakh crore to develop one crore urban houses under PMAY, improved transparency in rental housing markets, digitisation of land records and reduction in stamp duty. Additionally, sustainability gained momentum through the government’s push for clean energy, which may also be reflected in the real estate sector. All in all, the focus on infrastructure development will directly or indirectly have a positive impact on the real estate sector too.”

Badal Yagnik, Chief Executive Officer, Colliers India The Union Budget 2024-25 clearly defines the nine priority areas revolving around employment and upskilling, inclusive growth, augmentation in manufacturing, urban development, infrastructure growth, innovation and newer reforms. This lays the foundation for future budgets and envisions India’s growth trajectory over the next five years. The capital outlay of over Rs 11 lakh crore for infrastructure at 3.4 percent of GDP will boost equitable real estate growth in Tier I and II cities.

Housing continues to be one of the focus areas in the budgetary announcements. Under the PMAY scheme, Rs 10 lakh crore has been allocated for the development of three crore additional houses. This will drive construction in the urban and rural areas with cascading effect on allied sectors. PPP financing and VGF for rental housing will help in meeting the housing needs of the poor while reducing the burden of the government through the traditional route. Rationalisation of stamp duty across states with an emphasis on women homebuyers will boost home-buyer sentiment across major cities of the country. Furthermore, announcements related to industrial parks and corridors and infrastructure development in temple corridors should provide opportunities for all real estate stakeholders. Additionally, revision in tax slabs and increase in deduction limits under the new tax regime can potentially enhance disposable income and drive-up real estate investment across asset classes especially residential real estate.

Sankey Prasad, Chairman and MD, India and CMD - Middle East, Colliers Project Leaders

In addition to infrastructure development, the Union Budget 2024-25 has focused on employment generation, skilling, manufacturing augmentation, innovation and inclusive growth. On the real estate front, additional allocations under PMAY scheme, rationalisation of stamp duty charges for women-home buyers and focus on rental housing catering to industrial workers bodes well for the residential segment. Interestingly, bolstered by government policy support and infrastructure developments, spiritual tourism is poised to be a critical growth driver for the development of several temple towns in India. Announcements related to industrial parks and corridors can potentially add vigour to the industrial and warehousing segment. Moreover, increase in disposable income under the new tax regime through additional deductions and slab revisions can amplify investments across real estate asset classes including REITs.

Amit Goyal, Managing Director, India Sotheby's International Realty The budget strikes a delicate balance: prioritising infrastructure, job creation and MSMEs while maintaining fiscal discipline. The commitment to reduce the deficit to 4.5 percent and below over the next few years by FM Nirmala Sitharaman, is commendable. This ensures long-term economic stability, high credit rating and FDI inflows for India. In a young nation with a large youth population (40 percent under 25!), skilling and job creation are crucial.

For real estate transaction, bringing down the long-term capital gains tax from 20 percent to 12.5 percent is a welcome step, even if it comes with removal of indexation benefits. This will encourage more liquidity in property transactions. Higher uniformity in long term capital gains tax across different asset classes was a long standing ask of investors. The push for digitisation, efficient land management and modernised bylaws is also a boost for urbanisation and real estate. This will improve ease of property transactions and strengthen municipal finances through increased property taxes.

Sunil Dewali, Co-CEO of Andromeda Sales and Distribution, parent company of Andromeda Realty Advisors

The Finance Minister's announcement to make housing more affordable, with a Rs 2.2 lakh crore push under the PM Awas Yojana-Urban, is a major step forward. Addressing the needs of one crore poor and middle-class families with a Rs 10 lakh crore investment over five years, it reflects a robust approach to urban development. Encouraging states to reduce high stamp duty rates, especially for women buyers, is progressive. Digitising land records, GIS mapping and urban housing initiatives, alongside workforce skilling, will boost the real estate sector. Significant infrastructure investments and simplified FDI rules will drive private investment, fostering economic growth and stability.

Jay Shah, CEO and MD, Jay Wood Industry

"The Union Budget 2024-25 brings a wave of optimism and opportunities for the manufacturing sector. The new scheme aimed at job creation, particularly the initiative to link employment to first-time workers, is a visionary step. The substantial incentives for EPFO contributions, covering both employees and employers for the first four years, will significantly reduce financial strain on businesses, making it easier to hire and retain new talent.

By reimbursing employers up to Rs 3,000 per month for each additional employee's EPFO contributions for two years, the government is directly boosting employment rates. This initiative, expected to benefit three million young people and stimulate employment across all sectors, is crucial for robust job creation, fostering a dynamic workforce, and stimulating economic growth. The scheme, which aims to incentivise the employment of five million additional people, has the potential to be a game-changer for the manufacturing industry. It will address unemployment and ensure that our sector thrives with a fresh influx of skilled workers, driving innovation and productivity. Moreover, the credit guarantee scheme for MSMEs in the manufacturing sector is a significant boost. Facilitating access to term loans for purchasing machinery and equipment without the need for collateral or third-party guarantees will empower businesses to invest in advanced technologies and equipment. This will enhance production capabilities, improve efficiency, and maintain competitiveness, driving overall growth and innovation within the manufacturing sector.

Overall, these measures demonstrate a strong commitment to supporting the manufacturing industry, which will undoubtedly lead to sustainable growth and long-term success for companies like Jay Wood Industry."

Badal Yagnik, CEO, Colliers India

"The Union Budget 2024-25 clearly defines the nine priority areas revolving around employment and upskilling, inclusive growth, augmentation in manufacturing, urban development, infrastructure growth, innovation and newer reforms. This lays the foundation for future budgets and envisions India’s growth trajectory over the next five years. The capital outlay of over INR 11 lakh crore for infrastructure at 3.4 percent of GDP will boost equitable real estate growth in Tier I and II cities.

Dhaval Barot, MD and CEO, Bharat Realty Venture

“We look forward to welcoming the points on the urban housing sector from FM Nirmala Sitharaman's first Union Budget 2024-2025 of Modi 3.1. We appreciate steps taken by this year’s Union Budget 2024-2025 in the housing market. Listed as Priority 5, FM Sitharaman spoke on services for 100 large cities for urban development. In addition, the government has allotted ten lakh crore rupees for one crore houses for the urban poor. These are advanced and modern policies for ensuring that all people have adequate shelter, a basic need of human life. The government has also slashed stamp duty for women, which will now empower more women to become homeowners, giving them freedom and power to take control of their own lives. This reflects the third pillar of the Viksit Bharat scheme, with power being given to Mahila (women) for all-encompassing equitable development.”

Anuj Puri, Chairman - ANAROCK Group

Covering a wide spectrum of Indian sectors, the first Union Budget of Modi 3.0 focuses on MSMEs, employment, skilling, youth and the middle class. It will generate a mixed bag of reactions from different sectors. From a real estate point of view, the first thing that stands out is the government’s continued focus on infrastructure with an allocation of over Rs 11.11 lakh crore - nearly 3.4 percent of India’s GDP. Improved infrastructure drives real estate growth.

The focus on rural and urban job creation, if effective, may provide some boost to affordable housing, which has given a tepid performance since the pandemic. The move can help stir up housing demand in not just the top 7 cities but also the tier 2 and 3 cities.

With an eye on the housing needs of the urban poor and the middle class, the government has announced that it intends to construct an additional one crore homes under PMAY Urban 2.0 with an outlay of Rs 10 lakh crore.

Mega allocation for the Hyderabad-Bengaluru industrial corridor and Vizag-Chennai corridor will boost growth along these corridors and consequently boost real estate growth there. The FM also tried to rejuvenate the MSME sector, which does have a multiplier effect on overall economic growth – with the implied positives for real estate as a collateral beneficiary of such growth.

The credit guarantee scheme for the MSMEs will help provide impetus to overall industrial development, and this can have a rub-off effect on the real estate sector. The pandemic had a catastrophic impact on the MSME sector, which slowed down the demand for affordable housing since 2020. Affordable housing demand may gain momentum once the economic impact of the pandemic subsides for this target audience.

This is certainly pertinent – the affordable homes category

For individual taxpayers under the new tax regime, the increased standard deduction limit to Rs 75,000 from the previous Rs 50,000 along with the new income tax slabs implies savings - but hardly enough to boost housing demand.

Subin Mitra, Co-founder and CEO, Groyyo

“The government's renewed focus on MSMEs is a welcome move. The commitment to ensure timely and adequate financing, coupled with the push for technological adoption and skill training, is precisely what MSMEs need. Facilitating term loans without third-party collateral for MSMEs to purchase machinery and equipment will act as a catalyst, motivating young entrepreneurs to set up production units. This will significantly contribute to enhancing India’s manufacturing capabilities.

The credit guarantee scheme addresses one of the biggest pain points for small manufacturers—managing net working capital. By providing relief and financial runway, it ensures businesses can sustain and grow their operations effectively.”

Rajiv Gupta, Managing Director, Wave Group

The Budget 2024-25 is very encouraging for the real estate sector, focusing on infrastructure development in rural and urban areas. The thrust on building three crore additional housing under the PM-AWAS Yojana is an essential step in bridging the housing gap for the poor and middle class. The Rs 10 lakh crore overall allocation to urban housing will bolster the growth momentum. The suggestion to state governments to lower stamp duties, particularly for properties purchased by women, will undoubtedly boost sales. The budget lays the foundation for sustainable real estate growth, promoting cities as growth hubs of new India.

Pavitra Shankar, Managing Director, Brigade Enterprises

"We welcome the thrust of the government on infrastructure development, job creation and provision of Rs 2.2 lakh crore central assistance to make urban housing more affordable. The digitisation of land records using GIS is a good move as it will bring in a better degree of accuracy and transparency. The Union Budget 2024 however has not addressed some of the key demands of the real estate sector, including granting of industry status, input tax credit, reduction of GST and single window clearance. Additionally, there is only a marginal increase in savings on individual income tax under the new taxation regime. We urge the union government to reconsider the focus on the real estate sector to include these demands."

Mahaveer Jain, Director and Head – Real Estate Sector, India Ratings and Research

Thrust on affordable housing: Encouraging states to reduce stamp duties for units purchased by women and aid under Prime Minister Awas Yojana (Urban) could help sector to maintain positive demand growth, especially to affordable housing that has been languishing since last three years. Housing development aids under Prime Minister Awas Yojana have been substantially expanded to cover additional one crore and three crore homes in Urban and Rural respectively with a budgeted outlay of Rs 10 trillion for urban housing to be spent over the next five years. Similarly the thrust to develop transit infrastructure in 14 large cities and first attempt to regulate housing rentals are some of the major announcements that could bring about structural changes in medium term.

Anshul Jain, Chief Executive - India, SE Asia and APAC Tenant Representation, Cushman and Wakefield

“We welcome the Union Budget 2024-25, which reinforces the government’s commitment to ‘nation building’ through strategic policy reforms, regulatory relaxations and financial incentives. This budget focuses on consolidating gains in the engineering and manufacturing sector, along with providing a boost to formal job creation and skill development. The abolition of angel tax and reduction of corporate tax on foreign companies are particularly encouraging for start-ups and Global Capability Centres (GCCs), all of which have been big drivers of commercial real estate demand. Long Term Capital Gains (LTCG) on housing sales has been reduced from 20% to 12.5%, however the indexation benefit which was there earlier has been removed. This is more in line with Government’s focus on simplification of tax structure. This would have a short- term impact on the investment demand for residential units, however considering the demand from end users and overall economic growth this may not have a material impact on the residential sales.

The budget's ambitious reforms under the PM Awas Yojana, with a substantial Rs 10 lakh crore allocation, demonstrates a strong commitment to affordable housing for the poor and middle class. The planned completion of three crore housing units and the provision for rental housing with dormitory-style accommodation for industrial workers further underscore the government's dedication to addressing housing needs.

We are particularly enthused about the initiatives focused on land reforms and the digitalization of land records. Continued focus on infrastructure and tourism shall provide the required foundation of economic growth. This budget prioritises laying a strong foundation for future growth. We firmly believe that it will foster robust economic growth across sectors, leading to prosperity for all, uplifting communities, creating jobs, and moving the country closer to achieving 'Viksit Bharat' by 2047.”

Rajan Aiyer, Vice President and Managing Director, Trimble, South Asia Region

"Trimble commends the Union government’s 2024 budget for its ambitious vision towards a New India. The increased focus on infrastructure development and rural upliftment will significantly benefit the infrastructure and construction industries, driving growth and innovation. The substantial increase in infrastructure investment in housing under PM Awas Yojana-Urban 2.0 will address the needs and improve the living conditions of lakhs of people. This bold vision augurs well for not only the infrastructure and housing sectors, but also fuels economic growth, aligning with Prime Minister Narendra Modi’s vision of a ‘Viksit Bharat’ by 2047."

Amit Sharma, Managing Director & CEO, Tata Consulting Engineers

"The Indian government's transformative and futuristic initiatives are set to accelerate the growth of the nation's infrastructure landscape while enabling technological advancement and ensuring a viable and sustainable energy transition. The 2024 Union Budget's focus on green growth with a Rs 35,000 crore investment, the adoption of nuclear, clean energy with Bharat Small Reactor (BSR) and Bharat Small Modular Reactor (BSMR), and private participation in the nuclear energy arena, incentivising the adoption of higher efficiency advanced ultra super critical (AUSC) thermal plants, and focus on pumped storage projects (PSP) for renewable energy integration, alongside a national critical metals and minerals policy, and the promotion of domestic solar cell and module manufacturing, create a comprehensive roadmap for the energy transition in hard-to-abate sectors.

On the infrastructure front, the enhanced focus on water and waste management in 100 large cities, along with an investment of Rs 10 lakh crore for the construction of one crore houses under Pradhan Mantri Awas Yojana-Urban 2.0, underscores the strategic approach towards transformative growth.

Tata Consulting Engineers has been a key player and thought leadership partner in these specific initiatives with the Government of India and leading industry players. Our efforts have been fully aligned and committed to these national priorities. Keeping the Vikasit Bharat vision clear, we see this as a progressive roadmap towards building a sustainable, technologically advanced, and resilient India. Tata Consulting Engineers is committed to our promise of ‘Engineering a sustainable and better tomorrow.’”

Angad Bedi, Managing Director, BCD Group

The Union Budget 2024 provides a progressive roadmap for the real estate sector. The emphasis on infrastructure development in the form of affordable housing programmes, roadways, water supplies, sanitation, etc, will drive sustainable economic growth throughout the country. Moreover, the government's commitment to building an additional three crore houses under PMAY Urban 2.0 in rural and urban areas, supported by substantial allocations of Rs 10 lakh crore, which includes central assistance of 2.2 lakh crore rupees over the next five years, highlights its commitment to addressing the needs of urban poor and middle-class families. Additionally, Rs 2.66 crore announced for rural development will ensure a more balanced and sustainable real estate market besides contributing significantly to a stronger economy through optimised land use and adequate urban infrastructure. The call for states to lower stamp duty for women homeowners is another welcome step. We are optimistic that these steps will stimulate demand and attract substantial investments. However, granting the industry status to the real estate sector would have further strengthened the sector's resilience and growth potential by streamlining credit access. Nonetheless, we remain hopeful about the positive framework set by this year's budget.

Shesh Rao Paplikar, Founder and CEO of Bhive Group

The Union Budget 2024 has greatly supported the small and medium businesses as well as startups across the country through policy interventions and the abolition of angel tax. Through simplification of access to credit for MSMEs by doubling the Mudra Yojna support to Rs 20 lakh, establishment of a new credit assessment model based on their digital footprint and providing support during stress period support will lead to the rapid germination of new age businesses across the country creating large-scale employment. Furthermore, the focus on implementing Digital Public Infrastructure (DPI) applications at scale in areas of credit and e-commerce will accelerate the growth of digital commerce in the country. These initiatives will help businesses to grow and hence will significantly drive demand for co-working spaces and managed offices which has been the foundation of today’s new age businesses. We also believe that initiatives under urban development which includes transit planning, brownfield redevelopment of large cities will enhance the quality of life in the cities, thereby creating more entrepreneurship and employment opportunities.

Srinivasan Gopalan, Co-founder and Chairman, ArisUnitern RE Solutions

The Indian real estate sector stands to gain significantly from the recent budget announcements. By focusing on job creation through industrial parks and e-commerce export hubs and improving urban planning and land management, the budget lays a strong foundation for growth. It also aims to rationalise taxes and strengthen ancillary industries, which will create more demand in the real estate market. In addition, the budget emphasises redeveloping large cities, improving water supply and sanitation systems, and providing digital services at scale. These initiatives will make cities more attractive and draw in more investors. However, the increase in capital gains tax, along with the hike in the exemption limit, presents a mixed bag for investors. This change balances between discouraging short-term speculation and promoting long-term stability, and might not bring a significant inflow of investments into real estate. Overall, the budget supports the real estate industry while also helping underserved communities. It promises rapid development, increased use of technology, and a focus on sustainability in the coming years.

Srivatsan Iyer, Global CEO, Hero Future Energies

“I would like to congratulate the government for presenting a visionary Budget that focuses on sustainable and inclusive economic growth. I particularly welcome several announcements that reflect the Government’s continued support for the renewable energy sector. The impetus on PM Surya Ghar Muft Bijli Yojana will help fast track nationwide adoption of roof top solar, helping expand our overall RE capacity. The proposed investment in pumped storage programmes is a much-needed step that will ensure smoother integration of growing RE, leading to more reliable supply of green power and grid stability. The focus on transitioning hard to abate industries to greener alternatives will catalyse the C&I sector’s journey towards net zero. Introduction of a taxonomy for climate finance will help attract much needed capital for boosting climate resilience. Finally, the expanded duty exemptions will also help propel the RE sector ahead. This is a positive budget for the sector that should help continue the momentum of India’s energy transition and Hero Future Energies remains committed to partnering with the Government in enabling this mission. “

Ramesh Nair, CEO, Mindspace Business Parks REIT

“The finance minister announced several positive initiatives for the real estate sector, positioning cities as growth hubs and introducing a brownfield development framework. Key initiatives include transit-oriented developments in 14 cities, 100 new industrial parks with nearby labour housing, Rs 2.2 lakh crores for urban housing, stamp duty reforms, digitalization of land records, and Rs 11 lakh crores for infrastructure capex.

Additionally, reduction of the holding period for long-term capital assets from 36 to 12 months is a welcome change, addressing a long-standing industry request and improving liquidity in REITs as instruments for investing in commercial real estate.”

Kamal Singal, Managing Director and CEO, Arvind SmartSpaces

“The Union Budget 2024-25 presents a visionary approach to urban development, aligning with our commitment to creating sustainable and vibrant urban spaces. The substantial allocation of Rs 11 lakh crore for infrastructure and improvements in water supply and waste management in 100 large cities will enhance connectivity and urban amenities, which directly supports our projects aimed at developing modern, integrated communities.

We also welcome the Budget’s focus on simplifying FDI regulations and promoting Rupee-based overseas investments. These measures are expected to attract increased NRI participation in the real estate sector, invigorating market dynamics and opening new growth avenues. Moreover, states with high stamp duty have been encouraged to moderate their rates, with further reductions for properties purchased by women. Both of these are likely to boost demand. Overall, the Budget’s strategic investments and regulatory reforms will bolster our efforts to drive innovation and shape the future of urban development.”

Sumit Lakhani, Deputy CEO, Awfis Space Solutions

“Finance Minister, Nirmala Sitharaman and the Government have taken strides towards realising the Viksit Bharat vision by 2047 with a forward-looking Union Budget for FY24-25 which successfully strikes a balance between stability and growth-oriented initiatives. I think three key takeaways stand out: the removal of Angel Tax to encourage startup funding and entrepreneurship; a focus on infrastructure development and job creation to attract more Global Capability Centres (GCCs) to tier 2 cities; and initiatives to increase women’s participation in the workforce, fostering a more inclusive economic growth.

I believe that the Budget’s employment measures are commendable, offering incentives to 30 lakh youth, including one month's PF contribution and skilling initiatives worth Rs 1.48 crore, aiming to skill 20 lakh youth over five years. Upgrading 1,000 industrial training institutes and providing a one-time wage for first-time employees in all sectors through Direct Benefit Transfer will also help in bridging the employment gap.

Additionally, the internship initiative with 500 companies participating to offer positions to one crore youth over five years at Rs 5,000 per month will significantly enhance skilled employment in the country. This comprehensive approach addresses current challenges and sets a solid foundation for sustainable growth.”

Sunil Sisodiya, Founder, Geetanjali Homestate

"The Budget 2024’s allocation of Rs 10 lakh crore under the PM Awas Yojana-Urban is a monumental step for the residential real estate sector. This substantial investment not only underscores the government’s commitment to providing affordable housing but also promises to rejuvenate the urban real estate market. By addressing the housing needs of one crore urban dwellers, we are poised to witness a significant boost in demand for residential properties, which will, in turn, stimulate economic growth and job creation across related sectors. Additionally, the revision in the personal income tax regime, encouraging states to lower stamp duty, and the proposal to reduce stamp duty for women purchasing property further enhance affordability and accessibility."

Nirmalya Chatterjee, Country VP, Nemetschek Group - Indian Subcontinent

The Union Budget 2024-25's allocation of over 11 lakh crore for capital expenditure, representing 3.4% of GDP, marks a significant commitment to infrastructure development. This focus on improving connectivity and urban infrastructure is a boon for the Indian market and aligns with our vision at Nemetschek Group. The emphasis on employment, upskilling, and inclusive growth, coupled with initiatives like industrial parks and critical mineral recycling, sets a robust foundation for India’s growth trajectory. We applaud the government’s foresight in promoting innovation and newer reforms, which are crucial for sustainable development. Additionally, the centrally sponsored scheme to skill 20 lakh youth over the next five years will play a pivotal role in preparing the workforce for future challenges, which is in sync with skill development. Nemetschek Group in India is committed to supporting the government in every way to upskill the youth of the country, focusing on the AEC industry. This comprehensive approach not only addresses current needs but also paves the way for a resilient and forward-looking economy.

Vishal Raheja, Founder and MD, InvestoXpert

"The 2024 Budget's emphasis on revising the personal income tax structure and increasing the standard deduction for salaried individuals from Rs 50,000 to Rs 75,000 is a welcome move. This initiative, coupled with the encouragement to states to lower stamp duty and the proposal for reduced stamp duty for women purchasing property, will make home ownership, particularly for first-time buyers, more accessible and financially viable. Additionally, the focus on affordable housing, with a substantial Rs 10 lakh crore investment under the PM Awas Yojana-Urban, aims to address the housing needs of one crore urban poor, signalling robust support for residential real estate. The emphasis on industrial parks and infrastructure development will further bolster economic growth, paving the way for a dynamic real estate market."

Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers

"We welcome the focus on urban development and growth hubs. The allocation of Rs 10 lakh crore under the PM Awas Yojana, including interest subsidies, will make housing much more affordable for the urban poor and middle class. The roadmap to move from energy efficiency targets to direct emission targets is also a forward-looking approach that aligns with our commitment to sustainable development. We also welcome the initiative to create investment-ready, plug-and-play industrial parks in collaboration with states and the private sector which is expected to drive growth and create jobs. Encouraging states to reduce high stamp duties, especially for women, is a commendable step towards inclusive growth. Overall, this Budget has laid a strong foundation for sustainable urban development."

Darshan Govindaraju, Director at Vaishnavi group

“The Indian real estate sector’s bull run has been further powered by the announcements in the Union Budget which identifies urban planning and development as one of the nine priority areas along with laying thrust on Pradhan Mantri Aawas Yojna, Rental housing and Transit oriented development. The allocation of Rs 10 lakh crore for rental housing for industry workers in line with the development of Rs.3 crore affordable homes, industrial parks and e-commerce export hubs will greatly spur demand for developers and partners across the country. These initiatives will help accelerate our collective efforts in ensuring housing for all while boosting investments in the sector. Furthermore, reforms in land planning and management, proposed reduction in stamp duty for property purchased by women and brown field redevelopment of existing cities will create significant demand for real estate services across the board. More importantly, the benefit in personal income tax through increase in standard deductions and rationalisation of tax slabs will encourage fence sitters to invest in the fast-growing real estate market. We are quite bullish on the rapid growth prospects of the sector given these developments which will lead to simplification of process and help build more transparency and trust on the sector.”

Madhusudan, CMD, Sumadhura Group

India's rapid urbanisation has fuelled a significant real estate boom, with the housing sector at its core. While the overall market has thrived, with record sales of up to about 5 lakh units in FY23-24, the affordable housing segment has continued to exhibit signs of struggle. The focus on Pradhan Mantri Awas Yojna (PMAY) and affordable urban housing with a target of developing 3 crore houses and a Rs 10 lakh crore outlay will not only help address the shortage of affordable homes but also suffice the needs of one crore urban poor and middle-class families, especially in rapidly growing cities. It will be a significant boost to the quality of life of millions of people who come to these cities in search of a better life. Post-pandemic, the affordable housing market has experienced a significant downturn from more than 22 percent in 2022 to around 20 percent in Q1 2024. Bridging the gap between the general real estate market and the affordable segment is an essential component for achieving the government’s 'Housing for All' vision. In the pursuit of ‘Viksit Bharat’ (a 'Developed India'), it is imperative to ensure that housing is accessible to all income segments. A robust affordable housing ecosystem will contribute to overall economic growth and social equity.

Sunil Pareek, Executive Director, Assetz Property Group

High stamp duty rates have long posed a soft barrier to home ownership in India. These charges vary significantly across states and have often added to property prices. While some states have introduced concessions, the overall impact on affordability remains unpronounced. The real estate industry has persistently advocated for reducing stamp duty rates to boost sales and encourage transaction transparency. The Maharashtra experience, which saw a surge in home sales following a stamp duty reduction, highlights the effectiveness of this approach.

The 2024-25 Budget indicates a potential change in mindset on stamp duty with the FM stating that the government will encourage states to reduce the stamp duty and consider further lowering it for properties purchased by women.

By lowering stamp duty, governments can incentivise home buyers, particularly first-time purchasers and women, to enter the market. This reduction is also a vital step toward creating a more equitable housing market.

Murali Malayappan, Chairman & Managing Director, Shriram Properties

"The Union Budget 2024 reflects a brilliant thought process by the government, aiming to strike a delicate balance between societal needs and economic growth. It addresses historically neglected regions like the Northeastern states, central India, and parts of the South by allocating resources to uplift these areas socially and economically, creating a positive feedback where improved living conditions lead to economic growth and further development. Recognizing the potential of the Northeastern region, the budget invests in social infrastructure to boost tourism, create employment opportunities, and enhance overall economic activity. By allocating Rs 10,00,000 crore for urban middle-class housing and focusing on infrastructure (approximately 3.34 percent of GDP), the budget addresses the aspirations of the growing middle-income segment and improves connectivity and urban amenities, fostering economic growth. The government's step towards digitising India's archaic land documentation system is a game-changer, as transparent and accessible land records facilitate property transactions, reduce disputes, and encourage investment, benefiting both the real estate sector and the broader economy. However, some critical aspects remain unaddressed, such as GST rationalisation for the real estate industry and the long-standing demand for industry status, which would facilitate access to funding. The reduction in long-term capital gains tax from 20 percent to 12 percent encourages investment and may prompt more people to consider buying second homes, while the expected reduction in steel costs due to indirect tax benefits will impact construction expenses."

Sandeep Runwal, Managing Director, Runwal

"We welcome the government's visionary Budget aimed at transforming the real estate industry and promoting equitable urban development. This Budget sets the stage for inclusive growth through the PMAY initiative, which plans to build 3 crore homes in rural and urban areas and create rental housing support for industrial workers. The government's commitment to economically disadvantaged urban residents and the middle class is evident in the substantial investment of Rs 10 lakh crore in urban housing under PMAY - Urban 2.0. The proposed stamp-duty reduction, including lower rates for female buyers and the digitization of property data, will enhance accessibility and attract potential buyers. He further added,” These initiatives address current housing needs while providing a foundation for long-term urban expansion and community development. By embracing technology, such as integrated platforms for transparent property transactions and efficient urban planning, we ensure that every step toward redevelopment and affordable housing leads to a brighter future. Overall, we believe the Budget will drive robust growth in the Indian real estate sector."

Meenu Singhal, Regional Managing Director, Socomec Innovative Power Solutions, Greater India.

“Today’s budget announcement marks a pivotal moment for India with funding focus on nine priorities including Productivity and resilience in agriculture, employment and skilling, human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next generation reforms generating ample opportunities for all.

This budget paves way for a significant growth towards a 'Viksit' Bharat. With one lakh crore fund being allocated for research and innovation, it will help in providing a substantial sustainable growth opportunity for our country by 2047. The policy highlighting on the use of appropriate energy transition will help in balancing the imperatives of employment leading to a more organised growth and environmental sustainability.

The budget’s emphasis on providing skilling programmes will empower the youth in obtaining quality employment opportunities. We appreciate the government’s move to reduce the corporate tax for foreign companies from 40 per cent to 35 per cent. This endeavour will improve the overall business environment, making it conducive to foreign direct investments into the country which will create more employment opportunities for the youth and stimulate economic growth. The Angel Tax abolition would also super charge the startup ecosystem.”

Sumanth Reddy, Chairman NAR India.

"We commend the Government of India for their decision to reduce the capital gains tax from 20% to 12.5%, a measure that will undoubtedly encourage greater investment in real estate. Additionally, their incentives for affordable housing will positively impact the construction sector. However, we firmly believe that reducing the GST on real estate brokerage services to 5% remains a crucial and pressing need"

Chandresh Vithalani, Partner at Palladian Partners Advisory

"The 2024-2025 Budget introduces several transformative measures that will significantly benefit the real estate sector. The PM Awas Yojana Urban 2.0 aims to address the housing needs of 1 crore urban poor and middle-class families, backed by an investment of ₹10 lakh crore. This initiative and policies to enhance rental housing markets will drive substantial growth in the residential real estate market. Additionally, the focus on transit-oriented development in 14 large cities and the development of 100 weekly street food hubs will enhance urban living spaces, making them more attractive and livable. The extensive infrastructure investments, including ₹11,11,111 crore for projects such as all-weather rural connectivity under PMGSY Phase IV, will further improve accessibility and spur regional real estate development. Moreover, the support for industrial parks, critical minerals, and MSMEs, alongside incentives for cleaner energy adoption, will create robust demand for commercial and industrial real estate, fostering a holistic growth environment for the industry"

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens

“We welcome the Government’s consistent approach towards Fiscal consolidation, supporting Capex in Infrastructure by reconfirming the allocation of Rs.11.11 lakh crore in the Budget as also additional allocations towards improving Urban and Rural Infrastructure. We also welcome the Government’s focus on employment generation, skilling, Woman empowerment, MSMEs and climate change mitigation as well as their encouragement to the States to carry out land and labour reforms and improve Ease of doing Business further. We believe this Budget paves the way for the next generation of reforms which we are confident will lead India to its deserved place of being Viksit Bharat.”

Atul Bohra, Group CEO, Kolte-Patil Developers

“The Union Budget 2024-25 presents a visionary approach to urban development that aligns with the aspirations of modern India. We commend the emphasis on sustainable development through solar and renewable energy, city planning and transit-oriented development, which will create more liveable, sustainable urban spaces that elevate the quality of life for residents. We applaud the government's commitment to address housing needs, with an allocation of ₹10 lakh crore under the PM Awas Yojana for constructing 3 crore houses. This will boost affordable housing and catalyze economic growth. The focus on job creation, skill development, and sanctioning of 12 new industrial parks near 100 cities will attract businesses and stimulate urban development. Initiatives like digitization of land records and GIS mapping, combined with workforce skilling, will have a multiplier effect on the real estate sector. The ₹11 lakh crore allocation for infrastructure development will enhance urban quality of life.

The pro-business stance, featuring simplified FDI regulations and the promotion of Rupee-based overseas investments, is appreciated. The reduction in stamp duty for women homebuyers promotes inclusive homeownership. At Kolte Patil Developers, we focus on creating elevated living experiences that inspire families to achieve superior life quality across cities. We look forward to contributing in shaping India's urban future, creating spaces that inspire and uplift the aspirations of a rising India.”

Mahesh Viswanathan, Deputy CEO and CFO, Finolex Cables

“We welcome the employment and manufacturing generation initiatives outlined in the budget. The introduction of a credit guarantee scheme for term loans on machinery and equipment purchases, without collateral or third-party guarantees, is a progressive step that will empower MSMEs to innovate and expand, driving growth and job creation across the nation. Additionally, the exemption of customs duties on 25 critical minerals is a strategic move towards strengthening the economy and ensuring vital resources are available for the manufacturing sector.

We also applaud the continued efforts to bolster housing and infrastructure development, along with the focus on Digital Public Infrastructure. We firmly believe that these sectors are essential for driving economic growth. As the budget prioritizes expanding the manufacturing footprint, we anticipate a corresponding increase in consumer uptake.”

Piyush Bothra, Cofounder & CFO, Square Yards

Today's budget announcement brings several positives for the real estate sector. The allocation of Rs 10 lakh crore towards PMAY, plans for transit-oriented development (TOD) in 14 major cities, and a framework for brownfield redevelopment to revitalise older neighbourhoods will facilitate the sustainable growth of cities. These measures are expected to invigorate real estate activity, particularly in the residential segment, over the coming year. However, some critical expectations remain unmet. Revising and expanding the upper tax bracket, currently capped at Rs 15 lakh and taxed at a steep 30 percent under both regimes, and updating the limits for home loan deductions could have further stimulated residential demand and provided additional relief to homebuyers.

B.Santhanam, CEO, Saint-Gobain India and APAC

“We welcome this year's Union Budget that marks a significant stride towards a brighter future for India. The government's focus on job creation, consumption, and women's empowerment is truly commendable. The financial support and completion of key projects, such as the Polavaram Irrigation Project in Andhra Pradesh, along with investments in the Vishakhapatnam-Chennai Industrial Corridor, and major announcements for the North and West region will boost infrastructure, economy and ensure food security. The emphasis on create, design and 'Make in India' further strengthens domestic manufacturing and promotes self-reliance. Investments in industrial corridors, MSME credit, and PM Awas Yojana Urban 2.0 will drive growth. The budget strikes a balance between economic growth, social welfare, and innovation, charting a robust path for India's future. At Saint-Gobain India, we are eager to contribute to and be a part of this journey towards a stronger, more resilient India.”

NS Rao, Group CFO, Ramky Group.

We applaud the Finance Ministry and the Indian government's enduring dedication to economic progress. Their decision to retain the Rs 11.11 lakh crore capex outlay for infrastructure over five years, alongside fiscal support, is warmly welcomed. This commitment, along with attracting private investment through viability gap funding and a market-driven financing framework, promises a bright future for infrastructure. Furthermore, the allocation of 3.4 percent of GDP to infrastructure, along with Rs 1.5 lakh crore in long-term, interest-free loans to states, empowers the industry to innovate and deliver cutting-edge projects that drive economic growth and job creation. The significant aspect is the emphasis on plug-and-play industrial parks, water, sewage and municipal solid waste treatment, paving way for SDG fulfillment and circular economy.

YR Nagaraja, Managing Director, Ramky Infrastructure

“Ramky Infrastructure commends the Government of India's vision for propelling overall economic growth. The Viksit Bharat mission's nine priorities unveil a wealth of opportunities for both public and private entities through enabling policies and fiscal support. One of the most important aspects of the infrastructure industry is the government's unwavering commitment to skill development and the substantial capital expenditure outlay of ₹11.11 lakh crore designated for infrastructure developments. The sanctioning of twelve "plug and play" industrial parks, fully equipped with necessary resources, promises to significantly enhance the nation's manufacturing capabilities and generate a surge in employment opportunities. The roadmap for developing similar parks in 100 cities indicates a decentralised approach to industrial development, one that actively incorporates private-sector partnerships. Furthermore, we applaud schemes like PM Awas Yojana, which addresses housing needs in both urban and rural areas. The government's commendable allocation of Rs 2.66 lakh crore for rural development will facilitate the provision of essential infrastructure. In conclusion, Ramky Infrastructure Limited firmly believes the 2024 union budget paves the way for inclusive and sustainable growth across the nation.”

Saurabh Marda, Co-founder and MD, Freyr Energy

“The recent budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030. A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country's future, and we express our gratitude to the government for taking this significant step”.

Ramesh Nair, CEO-Mindspace Business Parks REIT

India is emerging as a global office hub, with its real estate sector valued at $300 billion and employing 7 crore people. This sector drives economic activity, FDI, and infrastructure development, contributing to India's role as a GCC hub and creating millions of jobs. The government's focus on creative urban redevelopment and human capital development, including plans to skill and employ youth, further enhances India's position as a modern, sustainable commercial hub. Additionally, reduction of the holding period for long-term capital assets from 36 to 12 months is a welcome change, addressing a long-standing industry request and improving liquidity in REITs as instruments for investing in commercial real estate.”

Ramesh Ranganathan, CEO, K Raheja Corp Homes

“The budget announcement gives a boost to India’s real estate industry with the government's decision to invest ₹10 lakh crore under the PM Awas Yojana-Urban, aimed at addressing the housing needs of 1 crore urban families. This strategic investment is a game-changer for the housing market and bolsters the construction industry by creating millions of jobs and improving living standards for people. Furthermore, the government's decision to facilitate rental housing with dormitory-style accommodations for industrial workers will ensure dignified living conditions close to their workplaces, thereby enhancing productivity and overall well-being.

In alignment with the budget’s focus on women, encouraging states to lower stamp duties—especially for women—will significantly enhance the real estate market. By reducing transaction costs, this initiative will make property transactions more attractive and accessible, further driving market growth.” | Ramesh Ranganathan, CEO, K Raheja Corp Homes

Jay Deepak Shah, CEO & MD of Jay Wood Industry

By reimbursing employers up to ₹3,000 per month for each additional employee's EPFO contributions for two years, the government is directly boosting employment rates. This initiative, expected to benefit 3 million young people and stimulate employment across all sectors, is crucial for robust job creation, fostering a dynamic workforce, and stimulating economic growth. The scheme, which aims to incentivise employment of 5 million additional people, has the potential to be a game-changer for the manufacturing industry. It will address unemployment and ensure that our sector thrives with a fresh influx of skilled workers, driving innovation and productivity.

Moreover, the credit guarantee scheme for MSMEs in the manufacturing sector is a significant boost. Facilitating access to term loans for purchasing machinery and equipment without the need for collateral or third-party guarantees will empower businesses to invest in advanced technologies and equipment. This will enhance production capabilities, improve efficiency, and maintain competitiveness, driving overall growth and innovation within the manufacturing sector.

Vishal Goel, MD, Rx Propellant

We are happy to see innovation, research and development emerging as a priority for the government while planning budgetary allocation for the coming years. The private sector has been playing an important role in driving the innovation capabilities in India and the announcement to operationalise the Anusandhan National Research Fund will be a shot in the arm. This will be especially beneficial for the pharmaceutical sector as companies are increasingly looking to shift their R&D capabilities to India, evident by the rise in the number of global capacity centres (GCCs) in India. The announcement to rationalize GST is likely to provide further boost to this growth even as we await details of this welcome move.

Aditya Verma, Founder & CEO, The Office Paas

The budget is extremely positive for the Indian Coworking Industry. Over 50% of Coworking spaces are used by SMEs in India. The budget has extended the allocation under the ECLGS scheme for MSMEs from 5.25 to 6 Lakh Crores in FY'25. This will bring in higher liquidity to the segment and there is likely to be a direct benefit to the Coworking Industry due to greater formalisation of the MSME industry.

Angad Bedi,MD,BCD Group

⁤"The Union Budget 2024 provides a progressive roadmap for the real estate sector. The emphasis on infrastructure development in the form of affordable housing programs, roadways, water supplies, sanitation, etc., ⁤⁤will drive sustainable economic growth throughout the country. ⁤⁤Moreover, the government's commitment to building an additional 3 crore houses under PMAY Urban 2.0 in rural and urban areas, supported by substantial allocations of Rs 10 lakh crore, which includes central assistance of 2.2 lakh crore rupees over the next five years, highlights its commitment to addressing the needs of urban poor and middle-class families. ⁤⁤Additionally, Rs 2.66 crore announced for rural development will ensure a more balanced and sustainable real estate market besides contributing significantly to a stronger economy through optimised land use and adequate urban infrastructure. ⁤⁤The call for states to lower stamp duty for women homeowners is another welcome step. ⁤

⁤We are optimistic that these steps will stimulate demand and attract substantial investments. ⁤⁤However, granting the industry status to the real estate sector would have further strengthened the sector's resilience and growth potential by streamlining credit access. ⁤⁤Nonetheless, we remain hopeful about the positive framework set by this year's budget." ⁤

Sankey Prasad,Chairman & MD, India and CMD Middle East Project Leaders, Colliers

India’s rise as an economic powerhouse will be fueled further by today’s budget announcements. Most important is the announcement of abolishing angel tax that will inject a fresh lease of life to startup investments in India. Addressing the urban housing shortage for low- and middle-income households in India went from 18.78 million in 2012 to 29 million in 2018 and the government’s announcement of investing INR 10 lakh crore for 1 crore households will reduce that burden significantly. While creating the inventory of 1 crore or 10 million meets more than half of the current demand, it will also provide better access to asset creation opportunities to millions of Indians with their first homes. We also welcome the government’s focus on efficient and transparent rental housing markets that will provide an impetus to rationally-priced accommodation to people, potentially facilitating corporate access to a wider pool of talent base.

Ashok Jayanthi, Chairman & Co-founder, Hosachiguru,Training and enabling 1 crore farmers in natural farming, along with certification and branding support, is a commendable step towards ecological sustainability. Moreover, the establishment of 10,000 bio-input resource centers across the country will provide essential bio-inputs on a constant basis. This initiative will significantly reduce the financial burden on farmers by offering cost-effective and eco-friendly alternatives. Together, these measures will greatly support the farming community, fostering sustainable agricultural practices and enhancing the overall agricultural ecosystem.

Bhavesh Kothari, Founder & CEO, Property First

Budget 2024 augurs well for the real estate sector. The investment of Rs 10 lakh crore in affordable housing through PMAY Urban 2.0 is fantastic news for the affordable housing sector. This initiative will stimulate demand, particularly among first-time homebuyers and middle-class families. This is in line with our expectations from the Union Budget 2024. Additionally, the budget's focus on infrastructure, with 11,111 crore rupees allocated for capital expenditure, equivalent to 3.4% of GDP, will stimulate economic growth.

Furthermore, the transit-oriented development plans for 14 large cities will improve and enhance the attractiveness of various localities, thus driving demand across all segments of the real estate market. The announcement regarding the creative redevelopment of cities is equally fascinating, as it will present a number of exciting opportunities for stakeholders. Also, the government's commitment to water supply, sewage treatments, and solid waste management projects in partnership with state governments and multilateral banks will further improve urban living conditions.

Tanya Singhal, Renewable Energy and Climate Tech Expert, Founder- Mynzo Carbon and SolarArise : The Union Budget 2024-2025 has introduced several commendable initiatives that align with our expectations in renewable energy, energy storage technology, and promoting climate consciousness to the masses.

1. Introducing a policy to promote pumped storage projects is a crucial development. This policy will facilitate the smooth integration of renewable energy sources into the grid, addressing the intermittency issues associated with solar and wind power. We are eagerly waiting to see the full policy.

2. Expanding the list of exempted capital goods for use in the manufacturing of solar cells and panels in India will further enhance domestic module manufacturing capabilities and reduce the cost of domestic modules, thus driving growth and reducing dependency on imports.

3. The proposed taxonomy for climate finance will enhance the availability of capital for climate adaptation and mitigation projects, supporting the LiFE mission's goals and providing the necessary capital to incentives green behavior in the masses.

Darshan Govindaraju, Director at Vaishnavi group: “The Indian real estate sector’s bull run has been further powered by the announcements in the Union Budget which identifies urban planning and development as one of the nine priority areas along with laying thrust on Pradhan Mantri Aawas Yojna, Rental housing and Transit oriented development. The allocation of Rs 10 lakh crore for rental housing for industry workers in line with the development of Rs.3 crore affordable homes, industrial parks and e-commerce export hubs will greatly spur demand for developers and partners across the country. These initiatives will help accelerate our collective efforts in ensuring housing for all while boosting investments in the sector. Furthermore, reforms in land planning and management, proposed reduction in stamp duty for property purchased by women and brown field redevelopment of existing cities will create significant demand for real estate services across the board. More importantly, the benefit in personal income tax through increase in standard deductions and rationalisation of tax slabs will encourage fence sitters to invest in the fast-growing real estate market. We are quite bullish on the rapid growth prospects of the sector given these developments which will lead to simplification of process and help build more transparency and trust on the sector.”

Srinivasan Gopalan, Co-founder & Chairman, ArisUnitern RE Solutions Pvt Ltd.

In addition, the budget emphasizes redeveloping large cities, improving water supply and sanitation systems, and providing digital services at scale. These initiatives will make cities more attractive and draw in more investors. However, the increase in capital gains tax, along with the hike in the exemption limit, presents a mixed bag for investors. This change balances between discouraging short-term speculation and promoting long-term stability, and might not bring a significant inflow of investments into real estate.

Overall, the budget supports the real estate industry while also helping underserved communities. It promises rapid development, increase use of technology, and a focus on sustainability in the coming years.

Furthermore, the focus on implementing Digital Public Infrastructure (DPI) applications at scale in areas of credit and e-commerce will accelerate the growth of digital commerce in the country. These initiatives will help businesses to grow and hence will significantly drive demand for co-working spaces and managed offices which has been the foundation of today’s new age businesses. We also believe that initiatives under urban development which includes transit planning, brownfield redevelopment of large cities will enhance the quality of life in the cities, thereby creating more entrepreneurship and employment opportunities.

Madhusudan G, CMD, Sumadhura Group

India's rapid urbanization has fueled a significant real estate boom, with the housing sector at its core. While the overall market has thrived, with record sales of up to about 5 lakh units in FY23-24, the affordable housing segment has continued to exhibit signs of struggle. The focus on Pradhan Mantri Awas Yojna (PMAY) and affordable urban housing with a target of developing 3 crore houses and a Rs.10 lakh crore outlay will not only help address the shortage of affordable homes but also suffice the needs of 1 crore urban poor and middle-class families, especially in rapidly growing cities. It will be a significant boost to the quality of life of millions of people who come to these cities in search of a better life. Post-pandemic, the affordable housing market has experienced a significant downturn from more than 22% in 2022 to around 20% in Q1 2024. Bridging the gap between the general real estate market and the affordable segment is an essential component for achieving the government’s 'Housing for All' vision. In the pursuit of ‘Viksit Bharat’ (a 'Developed India'), it is imperative to ensure that housing is accessible to all income segments. A robust affordable housing ecosystem will contribute to overall economic growth and social equity.

Jasmeet Singh Chhabra, Co-founder, Crimson Schools

The introduction of education-focused Digital Public Infrastructure (DPI) applications in the Union Budget is a forward-looking move. These advanced DPI tools will revolutionize learning by integrating smart classroom technologies, providing interactive and accessible resources, and enabling personalized learning experiences. Enhanced digital tools and automated administrative systems will improve teaching efficiency and facilitate better communication between schools and parents.

The substantial financial support system for higher education through e-voucher-facilitated loans up to ₹10 lakh, along with a 3% annual interest subvention will further provide students with valuable practical experience, boosting their employability. This strategic plan to skill 20 lakh youth over five years and support 25,000 students annually underscores a comprehensive approach to financial aid and skill development.

These steps will position India as a leading education hub and enhance its role in global education, particularly within the Global South.

Sunil Pareek, Executive Director, Assetz Property Group: High stamp duty rates have long posed a soft barrier to home ownership in India. These charges vary significantly across states and have often added to property prices. While some states have introduced concessions, the overall impact on affordability remains unpronounced. The real estate industry has persistently advocated for reducing stamp duty rates to boost sales and encourage transaction transparency. The Maharashtra experience, which saw a surge in home sales following a stamp duty reduction, highlights the effectiveness of this approach.

The 2024-25 budget indicates a potential change in mindset on stamp duty with the FM stating that the government will encourage states to reduce the stamp duty and consider further lowering it for properties purchased by women.

By lowering stamp duty, governments can incentivize home buyers, particularly first-time purchasers and women, to enter the market. This reduction is also a vital step toward creating a more equitable housing market.

Aditya Verma, CEO & Co-Founder, The Office Pass (TOP)

Kavita Shirvaikar, Acting Managing Director, Patel Engineering Limited.

On the Capex Allocation
The Finance Minister emphasized that the government is laying the groundwork for sustained economic growth with an impressive allocation of Rs 11.11 lakh crore. This substantial investment demonstrates the government's strategic foresight for India's long-term growth trajectory, ensuring economic transformation and the creation of numerous job opportunities. By enhancing infrastructure, it also positions India as a highly attractive destination for foreign investors. This announcement signifies a bold step towards comprehensive transformation and highlights the government’s dedication to modernizing India’s infrastructure, providing crucial support in realizing the dream of a 'Viksit Bharat' by 2047.

On the Pumped Storage Policy Addressing the Intermittency in Renewables
The Union Budget's emphasis on promoting pumped storage projects is a pivotal step towards a sustainable and resilient energy future. The introduction of a new policy to support electricity storage will significantly enhance the integration of renewable energy sources, ensuring a stable and reliable power supply. This forward-thinking approach not only addresses the challenges of renewable energy intermittency but also positions India as a leader in innovative energy solutions. By fostering investment in pumped storage and other renewable energy technologies, the government is paving the way for a greener and more sustainable future. We are confident that these initiatives will accelerate the transition to clean energy, reduce our carbon footprint, and create substantial opportunities for growth and employment in the energy sector.

Overall Infrastructure announcement
The Union Budget’s emphasis on infrastructure development marks a significant leap toward our nation’s future. The substantial allocation for capital expenditure and long-term interest-free loans to states reflects a forward-thinking strategy aimed at stimulating economic growth and innovation. Encouraging private sector participation through viability gap funding and market-based financing frameworks will foster a dynamic environment for infrastructure advancements. These initiatives are poised to significantly improve connectivity, boost productivity, and create numerous job opportunities across various sectors. By prioritizing sustainable development and leveraging both public and private investments, this budget positions India on a robust path to becoming a global leader in infrastructure excellence.

On the Promotion of Private Sector Investment for Infrastructure Growth
Finance Minister Nirmala Sitharaman’s focus on public-private partnerships represents a pivotal shift for the infrastructure sector. The government's efforts to simplify FDI norms aim to attract and retain private investment in India. By emphasizing and encouraging Foreign Direct Investment, the government is creating a favourable environment for investors. Collaborating between the government and private entities allows us to harness the strengths of both sectors to improve project execution, drive innovation, and enhance efficiency. This strategy not only accelerates development but also ensures that infrastructure growth remains sustainable and inclusive. The substantial budget allocation for infrastructure highlights the government's dedication to laying a strong foundation for India’s future, and Patel Engineering Ltd. is eager to play a role in this national initiative.

CREDAI Hyderabad Welcomes Budget Initiatives to Boost Real Estate Sector
CREDAI Hyderabad, the apex body of real estate developers in Hyderabad, welcomes the recent budget announcements aimed at bolstering the real estate sector and fostering inclusive growth in the region. The organization remains committed to collaborating with the government and stakeholders to ensure the successful implementation of these initiatives.

President of CREDAI Hyderabad, V. Rajashekhar Reddy, expressed his optimism about the budget proposals, emphasizing the significant infrastructure investments and land-related reforms outlined in the budget. Also the focus on affordable housing as a part of PM Awas Yojna 2.0 to develop 1 Crore homes for the urban poor and middle class families with an investment of 10 Lakh Crore, will provide an impetus to the Real Estate Sector. He also highlighted the alignment of the Telangana Government's efforts with the Union Budget initiatives, creating a synergistic effect that strengthens the real estate market in the state.

"Investments in infrastructure, urban planning, and digitization of land records are crucial steps towards enhancing the real estate sector in Hyderabad. We believe that these measures will not only boost the sector's contribution to the economy but also address the housing needs of millions, driving inclusive growth and development," stated Mr. Reddy.

B. Jagannath Rao, the General Secretary of CREDAI Hyderabad, has highlighted some noteworthy points regarding the recent changes in capital gains tax rates for the real estate sector. Here is a summary of the key benefits highlighted by him:

Simplification and Rationalization of Tax Rates:

- The recent changes in the budget have simplified and rationalized capital gains tax rates. A uniform long-term capital gains rate of 12.5% has been introduced for all asset classes, making the system more straightforward.

Reduction in Capital Gains Tax on Real Estate:

- The reduction of capital gains tax on real estate properties from 20% to 12.5% is a significant change. This reduction is expected to stimulate investment in the real estate sector, boost real estate transactions, and improve returns for investors.

Property Values Indexation:

- Property Values Indexed Up to 2001: The indexation benefits for properties held before 2001 have been preserved (grandfathered). This allows the valuation of these properties to be adjusted for inflation up to the year 2001 when calculating capital gains tax.

- Abolition of Indexation Benefits: The removal of indexation benefits for calculating capital gains tax on real estate will not affect properties held before 2001. These properties will continue to enjoy the indexation benefits.

- Legacy Assets: Properties classified as legacy assets and those acquired before 2001 will still receive indexation benefits, helping to reduce taxable capital gains by adjusting the purchase price for inflation.

Therefore, the benefit of indexation for properties acquired before 2001 remains intact, ensuring that the valuation of such properties can still be adjusted for inflation up to 2001 when calculating capital gains. This provides reassurance that the indexation benefits will not be withdrawn for these old properties. It is advisable for property owners to review the implications of these changes on their investments and tax planning strategies.

Positive Impact on the Real Estate Market in Hyderabad:-

The reduction in tax rates is anticipated to have a positive impact on the real estate market in Hyderabad. The budget also outlines the development of capital investment for economic growth at the Orvakal node on the Hyderabad-Bengaluru Industrial Corridor. This growth and development will benefit the Hyderabad region and is aligned with the revival of the ITIR policy pursued by the state government.

Expectations for Affordable Housing:
Although the budget did not include evident tax sops to boost affordable housing, CREDAI Hyderabad is hopeful for more details in the fine print. The organization looks forward to potential initiatives that could further support affordable housing.

Collaborative Efforts for Economic Development: CREDAI Hyderabad is committed to working closely with the government and stakeholders to leverage these budget initiatives.The goal is to benefit the real estate industry and contribute to the overall economic development of the region.

He expressed his optimism about the positive changes and the potential for further collaboration to enhance the real estate sector's growth in Hyderabad.

Bharat Gite- MD & CEO Taural India, "The recent budget announcements mark a significant stride for the manufacturing sector, especially for MSMEs. The focus on facilitating term loans for machinery purchases and financing technology support for MSMEs is commendable, as it will enhance productivity and competitiveness, enabling smaller enterprises to scale up their operations and contribute more effectively to the economy.

Employment and skill building are crucial, and the incentives for job creation in manufacturing, linked to EPFO contributions for employers hiring 30 lakh youth, are strategic. The provision of rental housing for industrial workers through PPP mode addresses a vital need for affordable living arrangements.

The emphasis on increasing women's workforce participation is particularly noteworthy. Establishing hostels and women-specific skilling programs will help bridge the gender gap and provide women with the necessary resources and opportunities to thrive in the industrial sector.

Lastly, the focus on nine priorities, from employment and skilling to next-gen reforms, as well as the Critical Minerals Mission reflect a holistic approach to generating ample opportunities.Overall, these budget measures align with Taural India's vision of fostering growth, innovation, and inclusivity in the manufacturing sector."

Anil G Verma, Executive Director and CEO, Godrej & Boyce

The first full budget of the new Government was a balanced one with the Government delicately balancing the needs of the economy through its focus on the nine priority areas of agriculture, employment, inclusive development, manufacturing and services, urban development, energy, infrastructure, innovation and R&D, and next generation reforms.

The reduction in FY25 fiscal deficit target from 5.1% to 4.9% is macro-positive. The capex outlay kept unchanged as Rs.11.1 lakh crore, shows the government’s unwavering focus on investments to drive the economy forward.

With a provision of Rs.1.48 lakh crore, employment and employability have been given a major fillip which indeed is the need of the hour. A new scheme offering internship opportunities at 500 top companies for 1 crore students over the next five years will go a long way in boosting employability.

The Government’s intention to partner with the private sector to develop small modular reactors is a good step emphasising the importance of nuclear energy in India’s energy mix. Moreover, the Rs.1000 crore venture capital fund to promote space technology is a welcome step in encouraging greater participation of the private sector in India’s burgeoning space sector, where we have the potential of being the global leader for satellite launches.

The Budget has managed to pave the way towards an inclusive economic growth, through measures that will encourage greater private sector participation while maintaining the fiscal glide path to 4.5% fiscal deficit in FY26.

A slew of measures aimed at MSMEs is likely to ease the pressure on this crucial sector of the economy contributing 30% to India’s GDP.

The increase in standard deduction from Rs.50,000 to Rs.75,000 and favourable change in the tax slabs under new regime will increase disposable income in the hands of consumers which is likely to boost consumption. This will provide the necessary impetus towards larger private investments in capacity building.

The Godrej Enterprises Group looks forward to contributing towards the vision of Viksit Bharat 2047.

Sanjay Kumar, CEO, Geospatial World

The Union Budget 2024-25 outlines a forward-looking and ambitious roadmap for India's growth, innovation, citizen welfare, women empowerment, skill development, and social inclusion.

The country is set on the trajectory of resilient growth through consistent focus on land records digitalization, agro innovation, energy transition and security, rural empowerment, urban regeneration, and strengthening the vital manufacturing sector. Geospatial plays an indispensable role across all these pillars of citizen participation, social development, and engines of economic transformation.

The budgetary outlay has enhanced the role and scope of geospatial in India's developmental journey.

Geospatial technology and space applications will play an integral role in harnessing the country's untapped potential, driving equitable socio-economic development throughout the vast and diverse geographic terrain, boosting connectivity, creating opportunities for young entrepreneurs, and bridging the various divides.

Geospatial and its convergence with next-gen technologies will be critical towards achieving the milestone of Viksit Bharat by 2047. It will also accelerate automation, leading to more impactful grassroot solutions and newer business paradigms.

INR 1,000 crore outlay for a Space Economy Venture Capital Fund is a laudable step in the right direction. Through investment, hand-holding, market access, state-of-the-art technology development, and start up incubation, we can foster a conducive New Space ecosystem that will turn India into a global innovation and R&D hub for NewSpace, catapulting the country to greater heights, and diversifying our space offerings.

Saurabh Rai, CEO of Arahas

The budget outlines a comprehensive plan for modernizing land records, which includes the digitization of cadastral maps and GIS mapping of urban land records. This initiative will not only streamline land transactions but also enhance transparency and efficiency in land management. The digitization of land records with GIS mapping is a game-changer for improving accuracy and accessibility. It provides a solid foundation for advanced geospatial analytics, which can leverage to offer innovative solutions in urban planning and resource management.

The Indian government’s commitment to the space economy is evident with the proposal to set up a venture capital fund of ₹1,000 crore. This fund is designed to support private sector-driven research and innovation at a commercial scale. The establishment of a venture capital fund for the space economy opens new avenues for collaboration and innovation. Arahas is excited about the possibilities this creates for developing advanced space technologies and contributing to India’s growing presence in space exploration.

In the realm of agriculture, the budget proposes a digital crop survey in 400 districts, alongside the issuance of Jan Samarth-based Kisan Credit Cards. This initiative is aimed at improving data governance and resource allocation in agriculture. The introduction of the Unique Land Parcel Identification Number (Bhu-Aadhaar) for all lands, along with the survey of map sub-divisions as per current ownership, is a significant step towards modernizing land records. This initiative will simplify land ownership verification and transactions. Modernizing land records through Bhu-Aadhaar and digital surveys will enhance land management efficiency and reduce administrative bottlenecks.

Ankit Kumar, CEO, Skye Air Mobility

The budget presents big opportunities in agriculture, infrastructure, and deep tech sectors. The focus on boosting agricultural productivity is likely to drive the use of drones for crop surveying, precision spraying, and monitoring. This could transform farming, increase yields, and reduce resource waste.

The major infrastructure investment, especially in Northeast states, opens new doors for drone applications. Drone logistics are expected to play a key role in improving access to healthcare, e-commerce, and other essential services in remote areas. This aligns with the government's goal of inclusive development and could greatly enhance the quality of life in hard-to-reach regions.

The budget's emphasis on the deep tech sector is seen as a boost for innovation in drone technology. This could lead to advancements in AI, machine learning, and IoT integration with drones, enhancing their capabilities and expanding their uses. One of the most exciting prospects is using drones for transporting perishable goods. The industry expects that drone technology could cut perishable wastage by over 50%, tackling a major issue in India's agricultural supply chain.

Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. –
"The Union Budget 2024-25 outlines a visionary roadmap for India's economic growth reflecting a visible multiplier effect on the economy. Prioritizing national infrastructure development with significant allocation of 3.4% of GDP towards capital expenditure and regional equity with 'Purvodaya' – an initiative by the government focusing on the eastern region and development of industrial corridors aligns seamlessly with our mission to create a nationwide logistics network.

The increased emphasis on road connectivity projects, investment-ready industrial parks, and energy transition initiatives will enhance logistics efficiency, reduce transportation costs, and promote sustainable practices resonating with our commitment to build environmentally responsible supply chains and achieve carbon neutrality by 2040. The focus on Digital Public Infrastructure in e-commerce and logistics presents exciting opportunities for innovation and efficiency gains aligned with our tech enabled and solution driven offerings.

The budget's balanced approach to infrastructure investment, technological adoption, and sustainable practices lays a strong foundation for India's emergence as a powerful global logistics hub. At Mahindra Logistics, we are committed to support India's growth story by building futuristic supply chains that connects India through our pan India, technology driven, integrated logistics network solutions bridging businesses and consumers efficiently as well as sustainably.”

Akshat Seth, Managing Director & CEO at HIL [for housing and building materials]
"We welcome the government's strong commitment to inclusive development in this year's budget with the vision of a “Viksit Bharat”. The focus on nine priority areas and employment will entail sustained efforts to generate ample opportunities for all. The government's decision to maintain the interim capital expenditure target of ₹11.11 lakh crore — the highest allocation ever at 3.4% of GDP — reflects the sustained reliance on infrastructure development to drive economic growth. Additionally, the allocation of ₹2.66 lakh crore for rural development, including rural infrastructure projects, will play a remarkable role in transforming the rural economy. The women-first initiatives for enhancing women's participation in the labour force are also a welcome move. This focus on innovation, infrastructure, and inclusive development will ensure sustainable progress across the nation and also ensure that the impact reaches the common man"

Sunjay J Kapur, Chairman of Sona Comstar & Deputy Chairman of CII Northern Region

“I congratulate the Finance Minister for presenting the Union Budget 2024 which manages to address both immediate challenges and sets the stage for sustainable growth. The emphasis on ease of doing business, with measures like rationalising stamp duty and incentivising states for business reforms is a positive step.

Abolition of Angel Tax is a major boost for the startup ecosystem. Particularly encouraging is the focus on energy transition and the development of a roadmap for HTA industries that include steel, power, chemical and refinery. These initiatives will accelerate India’s progress towards a low-carbon future.

Increased allocation for Skill development and focus on e-commerce export hubs will create new opportunities for MSMEs and youth. The emphasis on digital public infrastructure is set to transform various sectors, ensuring India remains at the forefront of the global digital economy. Moreover, the simplifications in FDI rules will further help attract foreign investments. Furthermore, identifying R&D as a priority area marks a significant push for innovation across sectors.

These announcements supported by the commitment to allocating capital expenditure, equating to 3.4% of GDP is a progressive stepstone for unlocking the country’s potential. This budget not only prioritises economic growth but also lays a robust foundation for innovation and knowledge-based economy.”

Aparna Reddy, Executive Director of Aparna Enterprises

The 2024-25 budget presents a promising roadmap for India's growth, with a strong focus on infrastructure development in both rural and urban areas. The record-breaking allocation of ₹11,11,111 crore for capital expenditure (3.4% of GDP) signifies a strong commitment from the central government in this area. The budget also encourages private sector participation in infrastructure development. Initiatives like viability gap funding and enabling policies create a supportive environment for companies to contribute their expertise and resources in the infrastructure, housing, and building materials sectors. This renewed emphasis on infrastructure, particularly in rural areas through PMGSY Phase IV, will accelerate the infrastructure works in these regions. We believe that the improved connectivity in rural areas, connecting 25,000 habitations, will create a significant demand for roads, bridges, and power grids etc. This will drive activity for construction companies and create a ripple effect throughout the building materials industry, with increased demand for cement, steel, and other essential materials. Furthermore, improved rural connectivity will act as a catalyst for housing demand. Easier access to markets and services will incentivize people to build new homes or renovate existing ones, leading to increased demand for housing materials and construction services.

Beyond this, the investment of ₹10 lakh crore to address the housing needs of the urban poor and middle class under PM Awas Yojna Urban 2.0 will spur growth in the real estate industry and the demand for construction materials.

By focusing on overall infrastructure development, this year’s budget presents a strategic opportunity for India's economic growth and strong steps to realise the dream of a developed India @ 2047.

B Santhanam – CEO, Saint-Gobain India and APAC

Ashok Singh Jaunapuria, MD and CEO, SS Group

We applaud the visionary initiatives outlined in the 2024 budget to transform India's housing and urban development landscape. The introduction of the Pradhan Mantri Awas Yojana-Urban 2.0, which pledges to construct 3 crores more homes and allot Rs 10 lakh crores over the course of the next five years, represents a significant attempt to meet the housing demands of middle-class families as well as the urban poor. This initiative not only promises to provide affordable housing but also injects momentum into the cement and construction sectors, fostering economic growth and employment opportunities.Solar energy adoption under PM Suryaghar Muft Bijli Yojana underscores India's commitment to a greener and more inclusive future. We are eager to contribute to these transformative efforts, building communities that prioritise affordability, sustainability and the well-being of all residents