Real Estate Gets a Boost from Housing Scheme Initiatives

Real Estate Gets a Boost from Housing Scheme Initiatives

The real estate sector in Mumbai is expected to receive a significant boost following the Finance Minister’s announcement of a housing scheme aimed at the middle class, particularly those residing in rented homes or unorganized tenements. The government’s focus on infrastructure and railway projects is also seen as a positive development by realty developers.
In the post-Covid era, homeownership has grown momentum, and the government aims to further its ‘housing for all’ initiative. While specific details of the scheme are yet to be outlined, the Finance Minister indicated that it would assist sections of the middle class living in slums, chawls, and rented premises in acquiring their own homes. This is expected to facilitate the redevelopment of encroachment areas like slums, as highlighted by Anuj Puri, Chairman of the ANAROCK Group.
The Budget underscores the government’s plan to construct an additional two crore affordable houses over the next five years under the PM Awas Yojana (Grameen), supplementing the three crore houses already in progress. The Budget estimates for FY25 reveal a 49% increase over the revised expenditure for FY24, totalling 180,671 crores.
Sandeep Runwal from Runwal Developers emphasized that the government’s initiative to promote homeownership aims to enhance living standards and stimulate the real estate sector and related industries.
However, concerns have been raised about the pace of achieving the affordable housing targets set by PM Modi. Abhishek Kiran Gupta, CEO of CRE Matrix and IndexTap, suggested that, at the current pace, it might take more than 10 years to reach the specified targets.
The development of state capitals like Jaipur, Lucknow, Kochi, and Chandigarh is viewed positively, as it could encourage housing development and potentially reverse the migration trend towards metros. Greater emphasis on infrastructure development is crucial to unlocking more land value and addressing housing demands in urban areas.
Industry experts also stress the importance of transit-oriented development in urban areas, which could lead to increased housing demand, particularly in tier-1 and tier-2 cities, potentially resulting in a rise in residential prices.

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