Kanika Gupta Shori, Founder and COO, Square Yards

The Union Budget 2022 has provided a sound fillip to the affordable housing sector, with the government allocating Rs 48,000 crore towards the Pradhan Mantri Awas Yojana (PMAY). The completion of 80 lakh houses for identified eligible beneficiaries in both rural and urban areas will keep the real estate sector in good stead and keep the demand buoyant for affordable housing in 2022 and beyond. Further, the decision of the central government to work in a cohesive manner with state governments for land and construction approvals and uniform registration of deeds is heartening to see and will also provide much-needed impetus to the housing demand.

With homebuyers choosing environmentally sustainable homes, the single-window clearance for environmental approvals will have a positive rub-off on real estate developers looking to build such homes. Lastly, reduction in corporate tax for co-operative societies from 18 percent at present to 15 percent will reduce burden on the ancillary support industries related to construction and real estate sector. Overall, this is a progressive, supportive budget with increased focus on affordable housing and infrastructure development.