Housing to get Further Boost with Support for MIG, Infra Push

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Focus on better infra, connectivity will also spur more demand for realty

Mumbai: Housing for the middle-income section is expected to get a push with the government proposing to start a scheme to help deserving people in this income group living in rented houses, chawls, slums and unauthorised colonies to buy or build their own houses.

The focus on improving infrastructure and connectivity will also spur creation of demand for residential and commercial real estate in the country.

In the interim budget on Thursday, finance minister Nirmala Sitharaman also announced support for the construction of an additional 20 million homes in the nextfive years under the Prime Minister Awas Yojana-Gramin (PMAY Rural). The PMAY budgetary allocation has also been increased to ₹80,671 crore for FY25 from ₹79,590 crore in FY24.

“The announcement to build 2 crore additional houses in the next five years to cater to growing demand and announcement of a housing scheme to help deserving sections of the middle class to buy or build their own houses is encouraging and will aid in the growth of the housing market,” said Boman Irani-president, CREDAI National.

The 1 lakh crore fund corpus for research in sunrise sectors announced by Sitharaman is expected to boost in- novation powered by the private sector and demand for commercial properties.

“The enhancement in infrastructure outlay by 11% will bode well for firming up the growth of residential, commercial, and industrial real estate asset classes across the geographies,” said Niranjan Hiranandani, chairman, NAREDCO National.

Source- The Economic Times