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Real Estate, Co-working & Construction on Budget 2022-23: As Finance Minister Nirmala Sitharaman on Tuesday made an announcement outlining the economic growth for India over the next 25 years.
Here’s what the Real Estate, Co-working & Construction sector experts are saying about the Union Budget 2022:
Akshita Gupta, CEO, ABL Workspace:
The Govt decision to join Udyam, e-Shram, NCS and ASEEM portals to create a larger organic and live database, will help in providing G2C, B2C and B2B services around credit facilitation, skilling, and recruitment.
‘’The budget has brought in some remarkable changes for the start-up community. We are elated with the fact that the government has decided to join Udyam, e-Shram, NCS and ASEEM portals to create a larger organic and live database that will help in providing G2C, B2C and B2B services around credit facilitation, skilling, and recruitment. We are also delighted with some of other announcements including the setup of an expert committee to suggest measures to help attract investment in the startup ecosystem, and extension in existing tax benefits to startups by 1 more year helping them avail redemption of taxes for 4 consecutive years now. We feel that these steps will not only help in formalising the economy but will further enhance entrepreneurial opportunities for many.”
Saurabh Garg, Co-founder and CBO, NoBroker:
“I think one of the big focuses of this budget is affordable housing. The Finance Minister has proposed to invest 48,000 crores in affordable housing which will give a big boost. Almost 80 lakhs houses would be completed this year itself. Another very interesting thing which we have seen this year in NoBroker’s real report is that water supply is one of the key reasons for choosing locality. Finance Minister coming in and proposing 60,000 crores to provide water supply to 3.8 crore houses is a right step in this direction. Also, I think creating jobs at this moment is the need of the hour with covid impacting the jobs. So, the government creating 60 lacs jobs is going to help the economy in a big way. All the sectors would benefit out of that, especially these people would also drive demand for housing. We would have expected more benefits especially for the middle class and upper class for driving the demand in real estate. I think that is missing from this budget. But overall I would say it’s a budget in the right direction and it’s a positive budget”
Akhil Gupta, Co-Founder and CTO, NoBroker.com:
“I think today’s budget from the finance minister is pretty balanced, so the Finance minister announcing INR 48000 cr investment for affordable housing to build 80 lakh houses will definitely boost the real estate sector and this will pave the way for housing for all, which is a positive sign. Digitization of Land records will definitely help in faster & smoother digital transactions in real estate in future because currently, people have to go through long legal processes, lengthy transaction cycles due to the absence of digitized land records.
Another major announcement made was developing new urban centres as that will help us in utilising natural resources across the country rather than focusing on 8-10 major cities within India. With New urban centres being built across India, it will help the real estate sector’s growth in the future.
The way the Finance Minister has recognized the startup’s contribution to the Indian economy, is really commendable. Appreciating startups for being part of the Indian growth journey is good and reducing Surcharge on long-term capital gain, capping it up to 15%, I feel that this will boost the investment in the startup sector in the future.
Varun Mohan, CEO, Definite:
“India’s economy is to grow at 9.2%. which is a huge thing and will show growth in all the sectors. Investment in infra would be guided by Gati Shakti, a remarkable government initiative that will accelerate the infra sector growth of the Indian economy. Inclusion of Data Centres in the list of Infrastructure, will give immense confidence and boost to people looking to participate in the new upcoming asset class. This action is a very welcome step of the government and the speed with which they have taken into consideration the experts to include Data Centre in infrastructure is commendable. This will facilitate the digital infrastructure in the country and boosts confidence in the PM’s vision of Digital India. The confidence the government has shown towards the Infra sector will encourage others to invest in the sector.”
Naveen Mypala, Founder of Urban Living:
We appreciate the Budget 2022. It has addressed crucial concerns such as the fact that Gati Shakti, which was just announced, would focus on the construction of multimodal logistic parks and cargo ports, boosting the warehousing sector.
Furthermore, the expansion of transit-oriented infrastructure will result in a stronger focus on employment-based locations, which will help to stimulate residential and commercial demand in certain markets. With a budget commitment of Rs.48 billion for the completion of 80 million houses in FY23 and the identification of 60 thousand homes as PMAY beneficiaries, housing for the poor remains a top priority. The recently planned reform of the Special Economic Zone Act with new laws may also promote investment in export-oriented parks.