How Union Budget 2022 is a Blessing for the Real Estate Market

The Union Budget 2022 has focused on 360-degree growth of infrastructure in India and building low-cost housing projects, which is indeed a boon for the real estate market after it suffered a major setback in the year 2020- 2021 due to the dreadful pandemic. Moreover, the prices of the raw materials are increasing and this has also called for a more cost-effective housing budget this year.

The share towards the flagship project of the Government that is, Pradhan Mantri Awas Yojana (PMAY) has increased after the revision of the Financial Year 2022 estimate. According to reports, 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 fresh ray of hope for the real estate market which is still on the road to recovery.

Today, let us highlight some points to understand how the Union Budget 2022 is a blessing for the real estate market:-

• In earlier budgets, there were no repercussions for expanding the income tax deduction on housing loans. But, this is the key aspect of Budget 2022. This budget talks about reforming and boosting the real estate industry with budding real estate projects that will not cost you an arm and leg. If you are in search of your dream apartment in Kolkata, then it is the right time to invest. Top Real estate companies in Kolkata such as Srijan Realty, Rajwada Group, and Merlin Group have come up with their flagship projects in Narendrapur, and Kamalgazi areas near E.M Bypass in South Kolkata. The apartments located in these areas are a perfect example of Apartments where you can lead a comfortable and luxurious life without spending much. Located close to Nature, away from the hustle-bustle of busy city life the flats in Narendrapur, Kamalgazi near E.M Bypass offer luxurious facilities such as 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 and have parallel access to Netaji Subhash Road and the rapidly developing extended Kamalgazi Bypass. To add the cherry on the top, 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 traveling 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, and 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 parlor where foodies can dig on some delicious treats to their heart’s content.

• The most remarkable feature of the Union Budget 2022 is the proposal for one- nation, one registration in the country, which means you can carry out the process of 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 boost 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 and growth 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 reasons that explain Union Budget 2022 is a blessing for the real estate market in the coming years.

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.