Budget Focus on Developing Smart Cities will Boost Real Estate
BY
Realty Plus
We welcome the measures announced by Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2023–24, which indirectly aims to boost the real estate sector's growth while also providing relief to consumers. The proposed increase in the income tax exemption limit to Rs 7 lakh will help boost real estate investment.
This tax break will encourage homebuyers to invest more while simultaneously increasing revenue. Meeting the long-standing demand of the real estate sector, the cap deduction for capital gains on residential housing investment is set at INR 10 crore, which will undoubtedly benefit the real estate industry. As one of the important measures to support the market, there has been a 66% increase in the allocation to 79,000 crores in the Affordable Housing Fund (PMAY).
The budget also has an emphasis on developing smart cities. The budget has allocated the Urban Infrastructure Development Fund (UIDF), which will be managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. The infrastructural development in these untapped markets will help the development of real estate here.
Tags :
Budget
developing
smart
cities
real estate
Nirav Dalal
Executive Vice President- Business Development and Chief Investment Officer
Shapoorji Pallonji Real Estate