The most popular and hot topic in
2022 is the Union Budget whether it is the Real Estate Sector or the other
sectors of 2022. It is the trendiest topic of discussion in all India.
Every year, the finance ministry
of our country comes up with a budget.
Nirmala Sitaraman, India's
Finance Minister, presented a budget totalling Rs 39.45 lakh crore on Tuesday,
February 1st, with a focus on infrastructure development. There have been 73
annual budgets, 14 interim budgets, and four special budgets, or mini-budgets,
since 1947. In 2022-23, total expenditure is expected to be Rs 39.45 lakh
crore, with total receipts other than borrowings expected to be Rs 22.84 lakh
crore.
In 2021-22, total expenditure is
estimated to be Rs 34,83,236 crore, up 1% from the revised estimate for
2020-21. Expenditure in 2021-22 grew at a 14 percent annual pace over 2019-20.
In addition, the budget of
2022-23 has come up with some realistic and long term growth of maximum sectors
and also for the real sector as well. There is a lot of macros and micro growth
is expecting in the residential property sector.
Moreover, the survey shows us
that the Indian Economy was well placed to witness GDP growth by 8.0-8.5% in
the coming 2022- 2023.
The Union Budget of India for
2022-23 could be a watershed moment in the real estate business. Nirmala
Sitaraman, the Finance Minister, reported a number of encouraging developments
in the real estate market.
Let's have a look at the key
components of the Union Budget for 2022-23 that have an impact on the real
estate industry. When the Union Budget is released, there will always be some
negative aspects, some positive aspects, and some things that will remain the
same.
Well, now let's talk about some
negative aspects that are no favourable points for real estate or investing in
any property.
The Finance Minister of India,
Miss Nirmala Sitharaman announced the budget for the year 2022-2023. People
have expected a lot of similarities and hopes from this budget as it was a way
effect of Covid-19. Nevertheless, the focus is on the overall development of a
nation, infrastructure, housing sector but there were many important
suggestions from the developers to the builders that were missing. The builder
community was highly disappointed.
Even with the above-mentioned
highlights, developers were expecting a tax relief for the real estate
developers.
"The whole real estate
sector is asking a single-window clearance, which promotes the smooth
operation," says Nayan Raheja, Director, Raheja Developers, "but this
long-standing demand received little attention."
To summarise, the real estate
sector's reaction to the budget announcements was mixed.
If I were to sum it up, the Union
Budget 2022-23 promises to increase the supply of affordable housing and
strengthen infrastructure across the country.
