Sushil Mohta, President, CREDAI WEST BENGAL & Chairman, Merlin Group :
“India aims to increase the real estate sector’s contribution to GDP from 8% to 13% by 2025. The proposed focus of the Union Budget on urbanization is expected to drive growth in this sector. The announcement of a ₹2.2 lakh crore initiative to make urban housing more affordable, along with the proposed investment of ₹10 lakh crore to address the housing needs of 1 crore urban poor and middle-class families, are positive steps toward urbanization. Rental housing with dormitory type accommodation for industrial workers in PPP mode is the need of the hour and Will provide better living condition for industrial workers. The budget’s emphasis on cities is noteworthy, and we welcome the decision to establish industrial parks in over 100 cities in partnership with the private sector. This will boost infrastructure development in various states. The real estate industry will play a crucial role in achieving the country’s sustainable development goals, with 40% of India’s population projected to reside in urban areas by 2030. Overall, the budget is a positive move towards urbanization. The new tax regime for the salaried class will reduce tax burden and provide more disposable income and additional support for their EMI in home loan re payment. Furthermore, I welcome this growth-oriented budget, particularly its focus on women’s empowerment. This would enable more women to own properties, as the Finance Minister has urged state governments to lower stamp duties to encourage women-centric investments in real estate. The women empowerment centric budget will also encourage states charge lower stamp duties to encourage women to buy and own properties. This will drive the growth of real estate as women are the deciding factors for purchasing the residential properties”.”
Siddharth Pansari, President of Credai Bengal :
“The Union Budget 2024-2025 reaffirms our commitment to urban development, emphasizing 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 urbanization.”
Sri Jaydeep Patwa, Secretary of SPK Jain Futuristic Academy :
“For the development of any nation, education is the key element. It is a forward looking budget increasing budget allocation by 7% in education. In combination with the new NEP it will take education way forward. But looking at education in rural areas, it needs more to be done. Skill development is also a key area which needs to be taken care of in a better way.”
Anjan Chatterjee, Founder of Speciality Restaurants Limited :
“Salaried class will have more money to spend at our restaurants as we cater to this segment which is positive because of the increase in Standard Deduction and rate rationalization. Changes in Sea Food inputs customs duty will have to be seen as our consumption is very high and will result in benefit. Not the best news for the stock markets as both Short Term and Long Term Capital gains rates have been increased. Scheme on training and new employees with PF benefit to employers will benefit the restaurant industry being a large employer of manpower. Long term holding period change from 36months to 24 months will be relief.”
