As widely expected, the Budget 2024 failed to make any big-bang announcements for the real estate sector, but it put its focus on long-term social and infrastructure development.

According to realty experts, the 11.1% increase in infrastructure outlay, which is 3.4% of GDP, will further enhance the railway, roads and logistics infrastructure of the country. The three new economic railway corridors identified under the PM Gati Shakti program are massive projects with the potential to grow economic hubs and boost development of the Tier-2 and Tier-3 cities along their alignment.

Aditya Khushwaha, CEO and Director, Axis Ecorp, said, “While the interim budget did not feature substantial announcements specifically addressing the real estate industry, we acknowledge the government’s broader vision outlined for ‘Viksit Bharat.’ The notable announcement was the revised fiscal deficit estimate at 5.8% of GDP, underscoring a commitment to fiscal responsibility and the cultivation of a stable economic environment. Moreover, the budget’s focus on promoting tourism is promising, holding the potential to greatly benefit the real estate and hospitality industry by opening up new avenues for growth and investment.”