July 21, 2024

Union Budget 2023 Reaction – Mahindra Lifespaces: A real estate and infrastructure perspective

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“This year’s budget highlights the importance of infrastructure development, urban planning, affordable housing, domestic manufacturing, ease of doing business, and energy transition with a focus on sustainability.

The increased allocation of Rs 79,000 Crores towards Pradhan Mantri Awas Yojana (PMAY), is expected to provide the supply-side stimulus that will not only aid real estate developers but will also boost end-user demand for affordable homes. Moreover, the revision in income tax slabs and rates will provide more disposable income, further accelerating the demand for homes.  We believe the increased outlay of Rs 10,00,000 Crores towards infrastructure development, including the creation of urban infrastructure in Tier 2 and 3 cities will support industrial activity, create new employment opportunities and fuel demand for housing. There is a continued focus on supporting domestic manufacturing, which bodes well for the industrial parks.

As the pioneers of green buildings and sustainable construction in the country, we are particularly pleased to see the government’s commitment to transitioning to green energy and reducing emissions. By taking this important step towards sustainable development, India is further up on its path to meeting its commitment to Net Zero developments.”

By – Arvind Subramanian, MD & CEO, Mahindra Lifespaces