What real estate industry gained from Budget 2024-25
Nirmala Sitharaman, minister of finance, announced several measures for the urban development , infrastructure and real estate in the Union Budget 2024-25. and real estate in the Union Budget 2024-25. Nirmala Sitharaman, minister of finance, presented the union budget 2024-2025 in Lok Sabha on July 23, 2024. Presenting her seventh straight budget, Sitharaman said, India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1 per cent. She also said this budget envisages sustained efforts on the following nine priorities for generating ample opportunities for all: Productivity and resilience in agriculture, employment & skiling, inclusive human resource development and social justice, manufacturing & services, urban development, energy security, infrastructure, innovation, research & development and next generation reforms.
Here is what real estate industry gained from Union Budget 2025-25:
Pradhan Mantri Awas Yojana (PMAY)
Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore. This will include the central assistance of Rs 2.2 lakh crore in the next 5 years. A provision of interest subsidy to facilitate loans at affordable rates is also envisaged.
Transit oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy.
FM said that centre will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes.
Rental Housing
In addition, enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place. Rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP mode with VGF support and commitment from anchor industries.
Land-related reforms by state governments
Land-related reforms and actions, both in rural and urban areas, will cover (1) land administration, planning and management, and (2) urban planning, usage and building bylaws. These will be incentivized for completion within the next 3 years through appropriate fiscal support.
Rural Land related actions
Rural land related actions will include (1) assignment of Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands, (2) digitization of cadastral maps, (3) survey of map sub-divisions as per current ownership, (4) establishment of land registry, and (5) linking to the farmers registry. These actions will also facilitate credit flow and other agricultural services.
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