Mr Pradeep Misra, Director of New Modern Buildwell shares his insights on Budget 2024

New Delhi (India) July 27 : Mr. Pradeep Misra, Director, New Modern Buildwell P. LL. (NMBPL), observes that initiatives mentioned in the Union Budget 2024-25, not only aim to boost the real estate sector but also contribute significantly to the broader goals of urbanization, industrialization, and inclusive development.

The Government of India’s initiative to collaborate with state authorities, has launched a series of initiatives aimed at revitalizing the real estate sector and transforming urban landscapes into growth hubs. These initiatives will address the pressing needs of affordable housing, urban development, and industrial growth, aligning with the nation’s economic growth strategies

The focuses on comprehensive economic and transit planning, especially targeting peri-urban areas including Transit-Oriented Development plan for 14 major cities, enhancing connectivity and urban efficiency. By integrating transit systems with urban development, will create well-planed, sustainable cities that are better equipped to handle economic and population growth.

The PM Awas Yojana Urban 2.0 aims to provide affordable housing to 10 million urban poor and middle-class families, with a significant investment of INR 1000 billion. This initiative with central assistance and interest subsidies will make home ownership more accessible. Moreover, the government encouraging states to reduce stamp duties, particularly benefiting women property buyers, thereby promoting gender equality in property ownership.

A move towards efficient property management, land reforms to digitize urban land records, incorporating GIS mapping will streamline property transactions, reduce disputes, and enhance transparency in the real estate sector.

Under the National Industrial Corridor Development Programme, the government will support the development of investment-ready industrial parks in 100 cities. This will bolster industrial growth and job creation, providing a significant boost to the economy. The establishment of these industrial perks will not only create employment opportunities but also attract domestic and foreign investments

Public Recognizing the need for affordable housing solutions for industrial workers, the government plans to facilitate the development of rental housing with dormitory-like accommodations under Private Partnership (PPP) mode. This will provide secure and affordable housing for workers, thereby improving their living conditions and overall quality of life.

The initiatives not only aim to boost the real estate sector but also contribute significantly to the broader goals of urbanization, industrialization, and inclusive development.

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