Budget Breakdown

The interim Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman , showcases a strategic approach towards fiscal consolidation and infrastructure development while refraining from significant populist measures ahead of the impending national elections.?

• The new budget highlights the Modi government's achievements while making noteworthy adjustments such as reducing food and fertiliser subsidies while maintaining capital expenditure, resulting in a lower fiscal deficit of 5.1 percent for the fiscal year ending March 2025.

This reduction reflects a shift in the economy towards manufacturing, with emphasis on increased private investment and improved tax collection. The budget includes schemes targeting rural development, women's empowerment, and renewable energy to address socio-economic challenges and steer India towards sustainable growth

• Allocating Rs 80,671 crore for the Pradhan Mantri Awas Yojana (PMAY) , the budget signals a robust commitment to providing affordable housing, with plans to construct two crore houses over the next five years .?

Sitharaman also announced a scheme aimed at assisting the middle class in acquiring or constructing their own homes, particularly targeting those residing in rental houses, slums, or unauthorised colonies.?

• This initiative was welcomed by developers and industry experts as a positive step towards addressing urban housing shortages and promoting homeownership among low and middle-income groups.

Despite criticism from opposition parties , the government's measured spending approach reflects the country's economic aspirations to become the third-largest economy globally.

For the most valuable networking opportunities and insights into the Indian real estate industry, discover GRI Club India .

Kotak’s Vithal Suryavanshi on Data Centres: "We are moving at a very fast pace"

"Data consumption in India is very, very high and it's growing very, very, very fast," says Vithal Suryavanshi, Partner at Kotak Alternate Asset Managers , when he spoke with GRI Club ahead of the GRI Data Centers Forum 2024 , adding "we want to be part of this growth story in India."

• In the discussion, Vithal offers insights into data centre growth in India, including the role of industry giants like Amazon, Microsoft, and Google in driving foreign investments.

The Kotak executive also covers the impact of India's evolving optic fibre network and its reach in tier two and three cities, the significance of data sovereignty rules and legislation, how India's energy surplus positions it favourably to meet the growing demands of the data centre industry, and more.

Watch the full interview with Vithal HERE!

• Vithal shared that he is interested in discussing market consolidations, player survival, and the crucial factors influencing the industry's growth in the coming years at the upcoming GRI Data Centers Forum 2024 , taking place in Mumbai on February 20.

Learn more about the event and register HERE .

Designing India's Senior Living Sector

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a pioneering step by introducing draft model guidelines for housing projects designed for retired and senior citizens, making it the first housing regulatory body in India to do so.?

• These guidelines aim to ensure that retirement homes provide essential amenities and facilities to senior citizens upon their relocation, with specific provisions mandated in agreements and relevant documents to prevent misleading advertising and uphold minimum standards.?

Key provisions encompass building design, accessibility features, safety measures, and utility systems tailored to meet the needs of senior residents.

• Specific regulations include elevator accessibility, audio-visual systems in lifts, wheelchair-friendly features, staircase specifications, and safety measures.

The initiative reflects MahaRERA's commitment to safeguarding retirees from potential fraud and ensuring their well-being in retirement housing projects, as well as underscoring the regulator's dedication to supporting this emerging real estate segment.

Other News ??

?? Luxury Brands Expand, Lease More Space ?

?? Karnataka HC tells state to recover stuck homebuyers' money within 4 months

?? Real estate regulators hampered by compliance issues, lack of transparency

?? Embassy REIT Q3 revenue grows 8% to Rs 936 crore

Corporate Radar ??

??? Embassy Group inks JDA for resi project in Bengaluru, eyes Rs 550-crore revenue

?? Mumbai RE: DLF's first project may have apartments in Rs 5.5-7.5 crore range

? Strata acquires Cafe Coffee Day headquarters in Bengaluru

??Q3 Results: Brigade Group's net profit jumps 31% to Rs 56 crore

Share this content ??