Budget 2024: New housing scheme for middle class to propel development of real estate
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.
The intention to complete 2 crore housing units in the next five years will aid the ‘Housing for All’ mission of the government. Additionally, the proposed boost to housing for the middle-class living in sub-par accommodation is also a welcome inclusion. Further, the enhanced focus on domestic tourism development will provide a fillip to the hospitality industry.
