Budget 2024-25: A Game-Changer for Employment, Skills, and Housing
“The finance budget for 2024-25 is a bold step towards a brighter future, with a strong focus on employment, skilling, and MSMEs, alongside a revised middle-class tax structure. With ₹1.48 lakh crore allocated for education and skill development and an impressive ₹10 lakh crore investment in urban housing under PM Awas Yojana Urban 2.0, the real estate sector is set for a transformative boost, meeting the rising demand for affordable housing across India. This substantial infusion of Rs 2.2 lakh crore in central assistance has the potential to revitalize the affordable housing market, which has struggled in recent years. The aim to house 1 crore families in five years, this initiative will target the construction of about 20 lakh houses annually, marking a significant increase from the current scheme.
This move will stimulate demand for construction materials and revitalize industries such as cement, steel, and home appliances. Adding both middle-class families and the urban poor, the scheme’s broadened scope could lead to more diverse housing designs and urban planning solutions. Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also boost housing. This comprehensive approach is key to achieving the government’s ‘Housing for All’ vision”, said Manju Yagnik, Vice Chairperson, Nahar Group and Sr. Vice President, NAREDCO, West
Rajiv Agrawal, Founder Partner of Saarathi Realtors said – “The finance budget for 2024-25 was majorly focused on employment, skilling, MSME, and middle-class tax structure under the new regime. An allocation of ₹1.48 lakh crore for education, jobs, and skill development was announced and all this will see increased investment in the realty sector with increased need for housing. The FM’s announcement of a Rs10 lakh crore investment in urban housing under PM AWAS Yojana Urban 2.0 is a major boost for India’s real estate sector. Additionally, the PMAY 2.0 will benefit lakhs of slum dwellers in Mumbai by providing them access to affordable and quality housing.
The budget emphasizes integrating lower-income communities into the formal housing market by giving homes to the weaker sections living in slums through effective arbitration and right evacuation solutions. This will enhance their quality of life and contribute to the overall urban development and social upliftment of Mumbai’s slum areas”.
