How Will the Union Budget 2022 Prove a Boon for the Real Estate Market?

The increasing price of raw materials has triggered the need for a transparent and cost-effective housing budget. Development of all-round infrastructural facilities and low cost housing projects are the main attractions of the Union Budget 2022, as declared by Finance Minister Nirmala Shitaraman.

A revised estimate for FY (Financial Year) 2022 has increased the share towards the flagship project of the Government that is, Pradhan Mantri Awas Yojana (PMAY). INR 48,000 crore has been allocated to complete 80 lakh houses in FY2023, which is relatively high compared to INR 28,000 crore allocated in FY2022.

The deadly pandemic crisis has greatly impacted the real estate market. The Union Budget 2022 has brought a ray of hope for the real estate market which is still trying to recover from the heavy losses it suffered during the pandemic situation.

Today, let us have a close look at how the Union Budget 2022 will prove a boon for the real estate market:

• There have been no repercussions for expanding the income tax deduction on housing loans in earlier budgets. And, this is the key aspect of Budget 2022. It is time to reform and boost the real estate industry with blooming real estate projects that will not cost you an arm and leg. If you live in Kolkata and are in search of your dream apartment then it is the perfect time to invest. Top Real estate builders in Kolkata like Srijan Realty, Rajwada Group, Merlin Group are coming up with their flagship projects in Narendrapur, Kamalgazi areas near E.M Bypass in South Kolkata. The apartments located in these areas are a perfect confluence of Luxury, Comfort and Affordability. Located amidst lush greeneries away from the hustle-bustle of busy city life the apartments offer uber-luxurious facilities like a rooftop swimming pool, gym, inbuilt jogging track, multipurpose courts, swanky lounge area, kids play zone, vast open spaces, large garden areas, state of the art clubhouse and many more under the same roof. Some of the real estate projects even have a designated office area to make life much easier for those who are working from home. In terms of accessibility, buying your dream apartment in the areas near E.M Bypass will be the most remarkable decision ever, especially for daily commuters. The apartments in Narendrapur, Kamalgazi areas are just a few minutes away from the E.M Bypass along with having parallel access to Netaji Subhash Road and the rapidly developing extended bypass. To spice up more, those areas are close to not just one but a total of three metro stations ( Kavi Nazrul, Shahid Khudiram, Kavi Subhash) and local train Stations (Garia, Narendrapur) also which is a very budget-friendly option. All these factors will make travelling to various parts of Kolkata a comfortable and smooth experience any day. Also, the apartments are close to popular shopping destinations like Wood square Mall, Reliance Trends, Reliance Fresh, Brand Factory to name a few the fact that most shopaholics will love and they are also in proximity to eminent institutions like Narendrapur Ramakrishna Mission, BDM International, essential services like hospitals, pharmacy, petrol pumps, ATM counters etc and some popular food joints and a famous pizza parlour where foodies can dig on some delicious treats to their heart’s content.

• The most striking feature of the Union Budget 2022 is the proposal for one- nation, one registration in the country which will allow the land transaction and sale deed registration from any part of the country.

• The real Estate Sector is the combination of various units and is dependent on various sectors The Budget 2022 proposed a reconsideration of the rising metal prices. There will be a relief in the steel industry, and the prime agenda is to accelerate domestic growth and reduce imports from China. This great move will prove beneficial for both the real estate builders and the buyers.

• There will be an adoption of the "Unique Land Parcel Identification Number" (ULPIN) and every state needs to participate in promoting digital land record management to experience a hassle-free process.

• The Union Budget 2022-23 also focuses on the development of Mega Cities and stresses the Tier 2 cities and Tier 3 cities that will provide a boost to the construction of real estate projects. The Central Government proposed to work together with the State Government to implement a change in urban planning and stress the development of infrastructural facilities in the cities.

These are the main reasons that indicate Union Budget 2022 will prove a boon for the real estate market.

Tanusree is a professional writer working in the real estate field for a long time. She has written many informative articles and blogs on "Real Estate". She has a large reader base that regularly follows her works.