With the rise in city occupants and migration, the vision to urbanise half of India’s population with better standard of living and safe housing in the next five years is a welcome step by the government.
The Union Budget presented by the finance minister this year holds a visionary and ambitious sentiment. With progressive reforms such as the enormous push to infrastructure development, urbanisation and digitisation, it has put the focus back on growth and set the tone for India’s future, one for the next generation and the millennials.
With the rise in city occupants and migration, the vision to urbanise half of India’s population with better standard of living and safe housing in the next five years is a welcome step by the government. Allocations of 48, 000 crore and60,000 crore towards affordable housing and tap water access, respectively, through their flagship PM Awas Yojana scheme ensure provision of resources and development among urban and rural populations. It is a dream for any real estate developer to provide housing and quality of life to all sections of society as ultimately, we are in the business of building homes and there should be an equitable distribution of permanent, secure housing, sanitation, and access to necessities for all sections of society. From the time I was a millennial, it has been my dream and today’s Budget has reinforced my beliefs that we can achieve this together.
As regards to the direct impact on the infrastructure sector, with the steel and import of raw material prices remaining unchanged, this move will provide the much-required relief and impetus to the real estate and its ancillary industries. After the pandemic, the market has stabilised, interest rates are at their lowest, growth has been steady and there hasn’t been any drastic reform as such for the real estate sector, which is a good indicator for the sector in the months to come. Owing to these factors and our financial discipline, we at Prestige Group are completely on track and its business as usual for us as we move forward.
Another key takeaway from the announcement this year was the regularisation of digital assets. The market as we know has changed dramatically after the pandemic and with the entire world now shifting to digitisation, I can comfortably say the trend is here to stay. The finance minister spoke at length about digitising currency, passports, and digital bills. Five years down the line, the need to carry hard cash in our pockets will diminish and digital currency will have taken centre stage. GST collections of `1.4 lakh crore for last month highlight that moving forward, if the bills are digitised, leakage on GST could be further minimised. While the Budget is a roadmap/ blueprint, it is certainly a commendable reformist move by the government as we transition into the digital era.
During the pandemic, with the intent of keeping its customers safe as paramount priority, Prestige Group had also introduced an initiative by announcing virtual launches of several housing projects in Bengaluru in 2020-21, to help the customers get an experience of the property from the comfort of their homes.
The Union Budget is always a mixed bag for every sector and market. However, I am positive that this year the real estate sector will continue to grow and contribute towards reviving the Indian economy after the pandemic. Overall, the Budget has been a step in the right direction and the roadmap has been set for a new India. The forward-looking outlook has recorded a positive reaction from the market and is likely to aid the upswing in property buying too.
https://www.financialexpress.com/budget/budget-2022-onto-the-growth-trajectory/2425417/
