Budget 2023 will profit the real estate sector in the long period: Experts
Budget 2023-24’s infrastructure move would help expand the real estate sector over the lengthy period. Although if there are few announcements for the sector, thus according to international real estate specialist Savills, there will certainly be indirect advantages. Principal points:
Addition of 50 airports, helipads
The budget outlay of Rs 3,100 crore for regional air connectivity to build 50 additional airports, helipads, water aero drones and advanced landing fields will lead to the development of new locations. This could lead to an appreciation in land prices around the proposed sites and increase real estate potential.
Smart Cities mission
The measure to construct ‘sustainable cities of tomorrow’ and the increased allocation of Rs16,000 crore could transform multiple cities in India by enhancing their quality of life, seamless infrastructure and mobility, and urban sustainability. This would ultimately lead to the enhancement of the real estate potential of such cities in the long term.
Urbananisation and infrastructure development
The outlay of Rs 10,000 crore for urban infrastructure development is expected to boost economic activity. As the local economy strengthens, real estate is expected to witness growth. The proposition of tier II and tier III cities with developers and funds creating more commercial, residential, and retail development. Municipal bodies are also to be supported in raising funds – these could have a cumulative impact on real estate.
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