Chance of boom in the real estate sector??
There has been no special announcement for the real estate sector in this budget. However, with the announcement of building 80 lakh new houses under the PM Awas Yojana, it has been said to spend lavishly on infrastructure. It is expected that this will benefit the real estate sector immensely.
When these houses are built, the construction sector will get a lot of work. Also, the big benefit will come from the increase in capital expenditure due to the increase in investment in infrastructure. It is believed that this will lead to development everywhere including cities, roads, and ports. This will increase the demand for homes, which will benefit the real estate.
Land registry: The government plans to digitize the land registry records. Through this, there is also a plan to avoid fraud by creating a unique ID, which will bring transparency in real estate. With this transparency, the confidence of investors in the real estate sector will increase and it will be able to contribute more to the development of the economy along with providing more employment.
The real estate sector is the second largest employer after the agriculture sector. Along with this, it is also the third most contributing sector out of 14 big sectors in the country's economy.
The size of the real estate market in india is expected to reach $1 trillion by 2030. The size of the real estate market exceeded $ 200 billion in 2021. Also, it is expected to contribute 13 percent to the country's GDP by 2025, which is currently 7 percent. In such a situation, real estate has also been disappointed due to the non-fulfillment of many demands, including not increasing the additional exemption of 1.5 lakh available on home loan interest for affordable homes up to 45 lakhs. Experts believe that if the demand for homes increases due to development in infrastructure, then this sector can stand on its own without any help.
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