The real estate industry, like any other industry, anticipated major ground-breaking announcements in the Budget 2022, and it was rightly delivered. The release of the Union Budget sparked a lot of media discussion this year. The budget for this year was developed with a 25-year vision in mind and placed a lot of emphasis on infrastructure growth. As the government has worked to strengthen the economy by preparing to bring about a paradigm change in favor of a conventional corporate approach, it has given the real estate industry cause for hope.
This time, urban planning has also assumed a central role. Urban planners and institutions will be drafting development policies under the direction of a high-level group. This will assist revolutionize the real estate industry and provide it a boost. This will provide an impetus to the real estate sector by helping transform Tier 2 and 3 cities.
White Tiger Realty’s internal analysis and research indicates that the release of new laws to replace the Special Economic Zone Act may increase investor interest in export-led parks. Technology firms that export services and have an impact on commercial office space will also reap the benefits of the new policies.
It is good to see the budget’s emphasis on sustainable energy, technology, and overall infrastructure development. The real estate industry will be greatly boosted by the increase in employment, tax exemptions, single-window environmental permits, and uniform registration of titles. The Union Budget for FY 2022–2023 places a strong emphasis on capital spending while maintaining the nation’s commitment to a clean energy future.
From a real estate point of view, it is encouraging that the PMAY program will continue to offer affordable homes. Last but not least, even though we commend the government for its efforts in putting together a practical budget, we sincerely hope that the real estate and infrastructure sectors will prioritize delivering green and sustainable projects to ensure our transition to net zero in the run-up to India@100.
The government’s constructive intention to set the Indian Economy on the path of growth and stability is shown in the focus on urbanization, infrastructure, and sustainability. It still serves as a catalyst for growth.
It is commendable to see that this Budget reflects an inclusive, forward-looking blueprint that lays the groundwork for four major areas of priority: Energy; PM Gati Shakti; Productivity Improvement and Investment; Sunrise Opportunities; Inclusive Energy Development transition & Climate Action; and Investment Financing. This will boost productivity, hasten economic growth and development, and immediately assist our young people, women, and farmers. It will also bode well for the real estate industry.
Utilizing land resources effectively is crucial. To facilitate IT-based record administration, states will be urged to adopt the Unique Land Parcel Identification Number. Additionally, the ability to transliterate land records into any of the Schedule VIII languages will be made available. As a choice for a standard procedure for registration and “anywhere registration” of deeds and documents, the adoption or linking with the National Generic Document Registration System (NGDRS) with the “One-Nation One-Registration Software” will be pushed.
We commend the FM for developing a budget that includes a focus on the state of the global economy. We anticipate the retail and commercial sectors expanding into more Indian cities as a result of the Budget’s numerous infrastructure-improving announcements. Even though there weren’t many tax breaks for individuals, general economic expansion will result in higher incomes that will encourage retail spending.