Sripad Nandiraj, Founder of Hocomoco on the budget

“The Union Budget 2022-2023 presented by FM Sitharaman for the affordable housing sector will undoubtedly encourage the sector’s next stage of growth. The announcement that an urban planning panel would be established and that 80 lakh affordable houses will be built at a cost of Rs 48,000 crore under the PM Awas Yojna in 2022-23 is a positive move. This would help to enhance the affordable housing market and promote affordable housing in metropolitan areas for the economically weak and middle class.

The challenge, however, according to the Economic Survey, is to significantly increase infrastructure spending. India spent $1.1 trillion on infrastructure during fiscal years 2008 and 2017. It will now need to spend $1.4 trillion to reach a GDP of $5 trillion by 2024-25, according to its recent report. Additionally, the Gati Shakti plan, which aims to bring 16 ministries together to work on infrastructure and connectivity projects, is also a beneficial move that will aid the affordable housing plan. From Hocomoco’s standpoint as a construction aggregator company, the budget is extremely encouraging.”