Government’s Ambitious Viksit Bharat Budget: A Boost for Real Estate and MSMEs

Industry experts such as Domnic Romell and Rohit Gera reacted positively to Finance Minister Nirmala Sitharaman’s Union Budget 2024-25. Emphasis on affordable housing, digitalization, and industrial parks is seen as transformative for urban centers like Mumbai. Comprehensive support for MSMEs and measures for education and employment were also highlighted.

Finance Minister Nirmala Sitharaman unveiled the first budget of the Modi 3.0 government today, focusing on infrastructure digitalization and simplification. Industry experts in real estate, education, and manufacturing sectors have applauded various initiatives aimed at urban development, affordable housing, and industrial growth.

Domnic Romell, President, CREDAI-MCHI, praised the budget's vision for the real estate sector, especially in heavily urbanized centers like Mumbai. Key measures include the construction of three crore houses under PMAY and a ₹10 lakh crore allocation to meet urban housing needs, particularly benefiting the affordable housing market.

Experts also welcomed the focus on Transit-Oriented Development (TOD), industrial parks, rental housing for workers, and reduced stamp duties, which are expected to enhance connectivity, promote sustainable urban growth, and facilitate economic activity. The digitalization of land records was also noted as a significant step towards transparency and efficiency. Additionally, MSME sector measures like the Credit Guarantee Scheme and enhanced credit access are seen as vital for empowering small businesses.

(With inputs from agencies.)