.jpg)
For a country like India, Union Budget is the perfect roadmap that can lead to perfect economic activities for the whole year. Union Budget focuses on economic growth, infrastructure development, and fiscal policies which plays a crucial role in shaping the real estate landscape of India. On 23rd July, Union Finance Minister Nirmala Sitharaman declared various announcements which received mixed responses.
The union budget has thrown light on diverse sectors of economy with a special attention on the MSMEs, employment, skilling, youth, and the middle class. The budget also kept a sharp eye on the various priorities for generating ample opportunities for all and it works as a keen guide for specific actions and reforms required to realize the goal of ‘Viksit Bharat’.
Embracing the effective policies of Union Budget 2024, Real estate Industry is escalating unattainable growth with introducing various facilities and encouraging higher growth of designated sectors of our country
Tourism & Hospitality
To position India as global hub of tourist attraction, which will attract foreign investment and create new jobs, the budget has incorporated development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor to transform the site into world-class pilgrim destination. The Nalanda University remains will be developed as a tourist centre to revive its glorious stature. Government assistance will be provided to enhance the scenic beauty temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches of Odisha to make it one of the valuable tourist attractions around the globe.
.jpg)
Tushar Parihar, Founder, Kaner Bagh-A Heritage Boutique Hotel expressed his feeling about the initiatives for tourism industry, “The Union Budget 2024 shows a strong commitment to improving the hospitality and tourism industry. The increased allocation towards infrastructure development, particularly in enhancing connectivity and improving tourist destinations, is a significant step forward. These measures will not only boost domestic and international tourism but will also foster economic growth and create employment opportunities. I am optimistic that these initiatives will accelerate the recovery of the hospitality and tourism industry and support long-term growth.”
Ahsan Shervani, Vice President, Star Hotels Pvt Ltd has mentioned his thoughts about the Union Budget said that, “The real estate sector has been witnessing landmark growth in recent times and hence we appreciate the targeted measures by the government to further push real estate growth and unlock its full potential. The government's concentrated efforts on infrastructure development promises to significantly enhance housing demand and benefit around 250 ancillary industries, generating numerous job opportunities and bolstering overall economic growth.
He further added, “We welcome the allocation of approximately Rs.2,450 crores to the sector, marking a 44.7% increase from previous estimates. This funding aims to enhance employment and stimulate tourism growth which is a welcomed move. As an industry we are still eagerly looking for a bit more rationalization in the GST structure for hotels and grant of infrastructure status to the industry. While the budget has lent an indirect boost to real estate, it could have fulfilled a few key expectations for the sector. The budget could have also offered a degree of relief to first-time homebuyers to stimulate the real estate sector. Going forward, the sector is in urgent need of tax breaks, single-window clearance, industry status tag etc which remains paramount for sustaining the upward trajectory of the Indian real estate market. We believe that through these additional supportive regulatory policies, the real estate sector will play a vital role in achieving India’s $5 trillion economy goal.”
.jpg)
Last Note
The real estate industry bears a significant impact from the union budget as it shapes various elements such as tax regulations, interest rates, and governmental expenditures. Furthermore, parts designated towards infrastructure enhancement like public transportation systems or roads could heighten land value that consequently would enable growth within certain regions.
The Union Budget has ability to successfully dictate fiscal policies, promote economic growth, and determine public services allocation, also having a significant impact on both economy and society. It also bears immense potential for stimulating economic activity through effective resource allocation while encouraging job opportunities and infrastructure development as well.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
