Everything happened as expected. As always, the Union Finance Minister has shown a stubborn hand to the construction sector. The Interim Budget 2024 did not make any big announcements that would be useful for the real estate sector. It is worth noting that in the last 10 years, the central government has not made any major announcements that directly benefit the construction sector. When this party came to power, it started with the slogan of housing for all, but after that, the scheme got watered down a bit. They have been demanding for 10 years to grant industrial status to the construction sector, which has a large share of the GDP after agriculture. There is no hope that it will be announced in the future. However, construction communities are looking forward with high hopes. Many decisions have been taken to develop infrastructure in cities and towns.
- Housing for the Middle Class: The Finance Minister announced that a special scheme will be launched for eligible people living in rented houses or slums to buy or build their own house. This will benefit the steel, cement, and construction materials industries.
- Focus on transport-based development in urban areas. Due to this, there is a possibility of increasing housing demand in cities. If not, will the scheme be limited to BJP-ruled states? Or allocate funds equally to all states? It will be known soon.
- The Centre has announced that they will develop iconic tourist centres in the country. This will help the hospitality sector grow with hotels and restaurants.
Propose long-term loans to states for tourism.
- They said that they will expand more metro trains and Vandebharat trains in the cities.
- An extension of the tax benefit for startups for another year could help revive office real estate.
- Although the Interim Budget did not directly address the key demands of the real estate sector, the real estate sector is hopeful that the upcoming Union Budget will take more concrete measures that will effectively address industry concerns and market trends.
