Post-Budget Reaction by Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI

Mumbai property registrations continues to outshine in June 2022

By Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI-MCHI

“The Government has laid an emphasis on economic growth and job creation in the Union budget announced today. As far as the real estate sector is considered, the enhancement of the PMAY Fund by 66% to Rs. 79,000 crores will be a big boost for the affordable housing segment. This has yet again highlighted the Government’s vision of Housing for All. Also, the increase of the income tax exemption limit up to Rs 7 lakh under the new tax regime will encourage a lot of homebuyers to buy their dream homes.

The enhanced capital expenditure of ₹ 10 lakh crore for infrastructure development will fast-track the implementation of bigger infrastructure projects which in turn will propel the growth of the real estate sector and help drive demand. It will go a long way in supporting the MSME sector and reviving industrial activity.

Through Ease of Doing Business, the Government continues to encourage digitization and fintech innovation. The focus on the creation of digital infra, a single portal for ease-of-doing business, and digital skilling will strengthen the start-up ecosystem.

It could have been a better budget for the real estate sector which is also the second largest employment generator after agriculture. Overall, a progressive budget with the Government’s emphasis on job creation, building a robust infrastructure, and revitalizing the economy.”

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