The Union Finance Minister Nirmala Sitharaman introduced the Budget 2024 in the Parliament today.
Haroon Asrar, Partner, Solomon & Co. said, “The real estate sector has witnessed the creation of an inventory bubble, characterized by an oversupply of properties relative to buyer demand. The government's proposal to the States, for further reducing the stamp duty for women property purchasers represents a welcome intervention in this regard.”
"The Pradhan Mantri Awas Yojana (PMAY) Urban 2.0 scheme, which aims to attract ₹10 lakh crore in investment to urban housing, signifies a significant leap forward in India's approach to its urban housing crisis. This substantial commitment to providing housing for one crore families demonstrates the central government's unwavering dedication to fostering inclusive urban development. The Government’s proposal for implementation of enabling policies and regulations will establish an efficient and transparent rental housing market. This will lead to a streamlined and well-functioning residential rental market within urban centers," Asrar added.
Asrar further said that, “land records in urban areas will undergo digitization, incorporating GIS mapping technology. Additionally, an IT-based system will be established for property record management and tax administration. This initiative is a welcome step towards efficient management of land records which would improve the ease of access to land-related documents by a common man.”
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