PM AWAS Yojana Urban 2.0 to Boost Real Estate in 2024 Budget

In recent years, India's real estate industry has faced numerous challenges, particularly in the affordable housing segment. Yet, with Union Finance Minister Nirmala Sitharaman's announcement of PM AWAS Yojana Urban 2.0 during her budget speech for 2024, there is renewed hope and optimism within the industry.

The initiative marks a significant step towards addressing the country’s urban housing issues by investing an astounding Rs 10 lakh crore. This enormous investment will undoubtedly boost India's real estate sector by rejuvenating the affordable housing market, as central government support reaches Rs 2.2 lakh crore.

Key stakeholders from India’s real estate sector have expressed their views on how this decision might influence industry growth. One such figure is Sanjeev Srivastava, Chairman and Founder of Assotech Group, who emphasized the critical importance of this budget for the sector.

Srivastava praised strategic initiatives outlined in FM Sitharaman’s speech, including a notable allocation of Rs 50,000 crore towards infrastructure development aimed at revitalizing both urban and rural landscapes across India.

He stated that PM AWAS Yojana Urban 2.0 represents "the government's commitment to address our nation's urban housing needs." The introduction of this scheme will significantly stimulate activity within real estate markets, creating opportunities not only for developers but also for investors.

Additionally, Srivastava highlighted tax slab updates that offer potential savings of up to Rs 17,500 annually for taxpayers, along with an increased standard deduction amounting to Rs 75,000, which are expected to further bolster consumer purchasing power, thereby driving demand for commercial and residential properties alike and giving another push to the Indian real estate market.

Meanwhile, Homiie Studio Projects Makers founder Nishant Sinsinwar sees promise in the Union Budget, particularly regarding infrastructure, affordable housing, and urban development, all of which are poised to foster innovation in interior design execution. He believes SMEs, local suppliers, and subcontractors stand to benefit immensely from these measures.

"The budget supports SMEs, empowering local suppliers and subcontractors. It builds on our mission to connect clients with reliable local partners," he said.

Similarly, Sanjeev Bhandari, founder and CEO of AirBrick Infra, welcomed substantial allocations for infrastructure development, terming it a positive development in the in the real estate construction sector. He believes focus rural urban land reforms digitisation  Land records establishment registries will streamline processes. enhance transparency

Furthermore, support advanced ultra-supercritical thermal power plants, emphasize renewable energy solutions, and align commitments to sustainable development. These initiatives undoubtedly contribute to a to a robust, efficient infrastructure landscape, driving growth in the in the innovation sector.

In conclusion, these budgetary measures are seen by industry experts as transformative opportunities that can potentially reshape the real estate landscape of India in line with their vision of creating impactful and sustainable solutions.