Ever since the Finance Minister presented the Union Budget 2019, the ‘3 trillion dollar economy’ has been the new mantra and will probably continue to remain so for the next few months. Indian Realty sector, which has lately been staggering under low sales and diminishing buyers’ confidence, seemed to have acquired a little boost from the FM’s Budget Proposals, Modi Builders review.
Boost to affordable housing demand
The budget proposed to construct almost 2 crores houses by 2022. Additionally, for affordable homes that are valued up to Rs 45 lakhs, around Rs 1.5 lakhs have been deduced on interest paid for the loans. This will increase the housing demand in the market as well as the amount of disposable income. Industry experts at Modi Builders opine that the residential real estate developers are likely to get more demands in the years to come.
Since the Indian real estate sector contributes to 10 percent of the country’s employment and consumption, pushing the sector further will help boost the overall economy of the nation.
Emphasis on infrastructure development
The FM said in the Union Budget Proposal that over 1,25,000 km of roads will be upgraded under the ‘Pradhan Mantri Graam Sadak Yojana’. An announcement to invest Rs 100 lakh crore on infrastructure in the next five years was made. With improved road connectivity and infrastructure, the demands for commercial hubs will drastically rise which will ultimately result in the upgradation of the residential real estate market.
The announcement to invest in infrastructure development implies that the government is determined towards the overall development of the country. Though residential real estate market is performing quite well in the metro cities, especially in Hyderabad with the top realty players like Aparna Constructions and Modi Builders, further development in infrastructure will lead to elevation in every field of the realty sector.