Nirmala Sitharaman's announcement was welcomed by real estate players.
Finance Minister Nirmala Sitharaman unveiled the Interim Budget before general elections this year, announcing a double-digit boost to infrastructure spending and flagging the government's "golden moments" ahead. In her speech, she also proposed a scheme that will allow people to buy or build their own homes. This was an interim plan to meet immediate financial needs before the new government takes power. But the focus on key sectors like real estate became the talk of the town, with reactions pouring in.
While presenting the Interim Budget in Parliament, Ms Sitharaman highlighted the achievements of her government by saying, "Making 'Triple Talaq' illegal, reservation of one-third seats for women in the Lok Sabha and State legislative assemblies, and giving over seventy per cent houses under PM Awas Yojana in rural areas to women as sole or joint owners have enhanced their dignity."
"Despite the challenges due to Covid, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families," she added.
The Finance Minister also promised to help "deserving" sections of the middle class living in rented houses, or slums, or chawls and unauthorised colonies" to buy or build their own houses.
The announcement was welcomed by real estate players.
"The announcement on a housing scheme for the middle class and the construction of 20 million homes in rural areas is positive news for the real estate and allied sectors, furthering the Housing for All agenda for the country, leading to an inclusive economic growth," said Navin Dhanuka, managing director and CEO of Bengaluru-based construction company ArisUnitern RE Solutions Pvt Ltd.
He also welcomed the allocation of a majority of PM Awas houses to women. "The high number of female ownership in the Pradhan Mantri Awas Yojana signals a much needed social change. Given that India aims to tread on the path of being a developed nation with women in the front, their economic empowerment remains crucial," said Mr Dhanuka.
Angad Bedi, the Managing Director of Delhi-based BCD Group, said there are many positives in the Interim Budget.
"While looking at the cumulative result of what has been presented, I am optimistic that the actual budget will uncover fresh perspectives for the real estate sector, and in the process, the affordable sector will get immense opportunities to recover from the setback that it experienced in the last one or two years," he said.