Budget Reactions quote – from Mr.Sahil Vachani, Vice Chairman and Managing Director – MAX Estates

“The Budget 2024 presents a massive opportunity for the overall real estate and urban development sectors. The Hon’ble Finance Minister has really sought to address the core of real estate challenges, which is the availability of clean land for development. Land reforms proposed in the budget both for urban and rural development will go a long way in creating adequate land resource for the country. The allocation of ₹2.66 lakh crore for rural development including rural infrastructure will help development driven demand in the rural region.  The proposal to earmark a significant part of the 50-year interest-free loan, to work with the States on various Land reforms highlights a highly collaborative approach of the Government. Similarly, the labour related reforms will further bring structure and better opportunities to the unorganized sector. The renewed focus on affordable housing with the announcement of constructing 3 crore additional houses under the PM Awas Yojana in rural and urban areas, will not only present the joy of ownership to millions but also create employment for millions more. The Government’s decision to address housing needs for 1 crore poor and middle-class families through an investment of ₹10 lakh crore, including the central assistance of ₹2.2 lakh crore in the next 5 years, will further bring about accelerated growth in real estate and housing sector. The idea to reduce the current stamp duty, especially for women, will further push women empowerment while benefiting the real estate sector. This reform will be made essential condition for urban development schemes. We hope the Government will bring some measure as the financial year progresses to make clean lands accessible to the developers in cities and urban centers as well as undertake measures to moderate the inflating cost of construction.”