The Finance Minister recently announced an increase of 66 % in the Pradhan Mantri Awas Yojana (PMAY) budget to Rs 79,000 crore, which might extend the benefits of economy affordable housing initiatives to even more house owners, increasing end-user demand. Many real estate industries have their say in this proposed budget, and we look through what Mr. Subhash Goel, Director of Goel Ganga Developments, says about it.
Subhash Goel, the Managing Director of Goel Ganga Developments, stated that the Budget session shows the government’s dedication to promoting infrastructure development, urban growth, and affordable housing initiatives. This will show a positive impact on the real estate industry by driving growth and demand. Rs 10,000 crore has been allocated by the government in infrastructure funds to be overseen by the National Housing Board, which will stimulate development in smaller cities and increase housing demand. Capital spending has nearly tripled to Rs 10 lakh crore, about three times that of 2019. This is essential in promoting economic prosperity and growth and will lead to more job opportunities and real estate demand. The government has also increased funding for the PM Awas Yojna program to further its goal of providing housing for all in India.
Read More: 2023 Union Budget: The Real Estate Industry’s Reaction to the Budget