Much was expected from the recent budget announcement, with industries eagerly awaiting substantial support to combat the recession. However, the final outcome has left many feeling underwhelmed and unsatisfied. Pre-budget views had raised hope for more significant measures.
In the realm of the real estate sector, the budget did not introduce any major changes. The government has made it easier to construct multi-storey buildings in rural areas, but the practicality of this provision is questionable. It is unlikely that builders will invest in such projects in rural settings. Additionally, there has been no reduction in the cost of raw materials used in the industry. This implies that the struggle for middle-class individuals aiming to build homes has intensified.
Furthermore, no concrete steps have been taken to attract foreign investments. The lack of attractive plans for Non-Resident Indians (NRIs) suggests a disregard for foreign investment by the government. Overall, the budget has failed to meet the expectations of various stakeholders in the real estate industry and beyond.