Developers in Noida and western Uttar Pradesh say the Centre’s push to expand metro lines, airports and help the middle class buy their own homes are among the measures announced in the interim budget that will boost the real estate sector.
Developers welcomed the interim budget presented by Union Finance Minister Nirmala Sitharaman on February 1 and announced the government’s plan to provide Construction of houses above Rs 20 million for the rural poor.
She also announced a plan to help the deserving section of the middle class living in rented houses, slums or makeshift settlements and unauthorized colonies to buy or build houses.
“Our middle class is growing rapidly and urbanization is happening at a rapid pace. Metros and NaMo Bharat can be the catalyst for the needed urban transformation. Expansion of these systems will be supported in large cities with transport-oriented development,” Sitharaman said .
CREDAI West Uttar Pradesh secretary Dinesh Gupta said the union budget highlighted fiscal deficit revision, tax increase, doubling of the GST base and other indicators of strong economic growth from which real estate will benefit Strong economy.
“The Center will develop better policies and incentives to support middle-income housing, which is a commendable step. Another aspect that needs to be considered is the continued development of infrastructure through proactive measures.
Plans have been unveiled for more airports, train lines, metro lines, electric vehicle facilities and more. Of course, this will lead to increased demand for real estate in western Uttar Pradesh, including Noida,” Gupta said.
SKA Group Director Sanjay Sharma said that the 11% increase in government capital expenditure will definitely accelerate growth, and as the government stabilizes the real estate market, potential buyers’ outlook on the real estate sector is expected to continue to rise. Income Tax Board.
“The government’s stance on South Mobarat is very positive which will directly benefit Noida, Greater Noida and other cities. At the same time, expansion of UDAN scheme in Level 2 and Level 3 will also accelerate development in these areas .” Sharma added.
Notably, a greenfield airport is being developed at Jewar near Noida, while an intermodal cargo hub is coming up in Greater Noida. According to Uttar Pradesh government officials, there are plans to connect the upcoming airport with the RRTS line, metro lines and Uttar Pradesh’s first bullet train.
The metro system in Noida, Greater Noida, is also planned to be expanded in three corridors, the official added.
Vikas Bhasin, chairman and managing director of Saya Group, said that the 11% increase in capital expenditure will definitely boost the market growth, while the Namo Bharat promotion plan will also facilitate connectivity between various cities, thus increasing the demand for real estate investment.
“The emergence of metro and rapid rail lines has attracted a large number of investors, and this trend is expected to continue in the coming years. In the positive environment created by these factors, the development of commercial real estate will continue to remain on an upward trajectory.”
RG Group Director Himanshu Garg said the interim budget demonstrates the government’s desire to promote broad-based growth through middle-class housing schemes.
“The substantial increase in funding under the Pradhan Mantri Awas Yojana scheme by 66 per cent to Rs 79,000 crore in FY24 is a testament to the government’s focus on affordable and urban housing,” Garg added.
County group director Amit Modi said fiscal caution was expected given this is an interim budget, but what was pleasantly surprising was the government’s continued emphasis on PMAY.
CRC Group Sales and Marketing Director Salil Kumar said connectivity will also help in overall development with full focus on infrastructure projects such as Metro and Rapid Rail.
Yash Miglani, MD, Migsun Group, said that as the government continues to focus on the development of second- and third-tier cities, it is promoting growth in these areas by building airports and other connectivity models to improve accessibility and visibility.
“This trend is expected to lead to a further boom in real estate investment as the disposable income of potential buyers increases,” Migrani said.
Trisol RED MD Pawan Sharma said the budget is also expected to bring overall prosperity to all related industries.
Ankush Kaul, chief commercial officer, Ambience Group, said the increased infrastructure spending proposed by the government will drive demand for residential, commercial and retail space in the region.
(This article has not been edited by News18 staff and is published by PTI)
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