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The budget has presented ambitious housing plans. The announcement to develop an additional 3 crore homes under the Pradhan Mantri Awas Yojana (PMAY) in both urban and rural areas is seen as a major boost to the sector. Furthermore, it was announced that Rs 10 lakh crore will be invested in the flagship PMAY scheme, including a central assistance of Rs 2.2 lakh crore over the next five years, giving a further boost to the government’s programme to provide affordable housing and stimulate demand across various segments of the real estate market. This investment is likely to benefit developers, construction companies, and allied industries.
The sector is also encouraged by the focus on urban development as one of the nine priorities for the coming years. This suggests potential improvements in infrastructure and amenities in cities, which could increase property values and attract more investments. The introduction of rental housing with dormitory-type accommodation for industrial workers in PPP mode with VGF support is seen as an innovative approach to address housing needs in industrial areas. This could open up new opportunities for real estate developers in the affordable housing segment.
The development of industrial parks in 100 cities under the Industrial Corridor initiative is expected to create new real estate opportunities in these areas, potentially leading to the growth of commercial and residential properties.
