Real Estate Sector In Interim Budget

Before this year's general elections, Finance Minister Nirmala Sitharaman introduced the Interim Budget, announcing a double-digit increase in infrastructure investment and highlighting the government's "golden moments" ahead. She also put up a plan in her speech that would let people purchase or construct their own homes. This was a stopgap measure to cover short-term expenses until the next administration enters office. However, the emphasis on important industries like real estate became the talk of the town, and responses started to come in.

"Making 'Triple Talaq' illegal, reserving one-third of the seats in the Lok Sabha and State legislative assemblies for women, and granting over seventy percent of houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity," Ms. Sitharaman stated during her presentation of the Interim Budget in Parliament as highlights of her government's accomplishments.

We are very near to reaching the goal of three crore houses with the PM Awas Yojana (Grameen), even with the obstacles caused by Covid. To accommodate the demand brought on by an increase in the number of families, two crore more homes will be built over the course of the next five years," she continued.

Additionally, the Finance Minister pledged to assist "deserving" segments of the middle class who were living in unapproved colonies, slums, or rented homes in order to help them purchase or construct their own homes. "The announcement of a middle-class housing program and the building of 20 million homes in rural areas is good news for the real estate and related industries."