Finance Minister Nirmala Sitharaman on Thursday said the government will launch a housing scheme to enable the deserving middle class to buy or build their own homes. In her 2024 mid-term budget ahead of the elections, Sitharaman said the government will also adopt an economic approach that promotes sustainable development and increased productivity.
“The government will introduce a scheme to help the deserving section of the middle class ‘living in rented houses, slums, huts and unauthorized colonies’ to buy or build their own homes,” Sitharaman said in her budget speech.
She also mentioned that rooftop solar power can ensure up to 300 units of free power per month to 10,000 million households, thereby saving households Rs 15,000-18,000 annually. The finance minister said the government will establish more medical colleges using the existing hospital infrastructure.
We attach great importance to the development and people’s lives in the eastern region.
Atul Monga, CEO and Co-Founder, Basic Home Loan, said: “The prospect of building new homes worth Rs 2 crore in the next five years is a commendable step towards addressing the growing housing demand in India. Highlights Providing solar power benefits to 10 million houses, in line with sustainable development goals, promoting clean energy and reducing environmental impact. Pradhan Mantri Awas Yojana has a significant impact on 70% of women, it contributes to gender equality and Empowering women through homeownership.”
The Budget’s focus on rental housing and slums demonstrates a targeted approach to improving the lives of vulnerable people and addressing the housing crisis in these disadvantaged communities. As India strives to achieve $7 trillion in economic growth by 2030, the need for strong urban infrastructure to accommodate its growing population has become critical. Overall, the proposed measures reflect a holistic approach to housing, consistent with wider economic objectives and sustainable development.
Mohit Jain, Managing Director, Krisumi Corporation said, “Finance Minister Nirmala Sitharaman’s announcement of a new housing scheme specifically targeting the middle class augurs well for the housing sector. This is likely to increase demand for mid-range and affordable housing. The revised fiscal deficit estimate for FY24 at 5.8% of GDP and the fiscal deficit target for 2024-25 at 5.1% means that home loan rates are unlikely to rise from current levels, which in turn is expected to help include The entire housing industry including luxury homes.”
He added that the government’s continued push for infrastructure development, in which spending increased by 11.1%, also bodes well for the overall economy, including the real estate sector.
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