New Delhi (India), February 11: Belmac, since its inception, has always been in pursuit of excellence. As a reputed residential developer, we are always precise and committed to delivering quality homes. It has delivered two successful mega townships, Belmac Residences and Belmac Riverside. Belmac believes that the Union Budget 2023 has certain provisions that will boost the real estate sector. The emphasis on infrastructure development will drive up housing demand. Belmac, with its strong foothold in Pune and Panvel, has experienced a paradigm shift in housing demand. Moreover, the surging economic growth will encourage demand and assist home buyers' investment in the best property.
The government is focusing on resilient infrastructure, which would further be a strong foundation for augmenting the real estate market. The government established the Urban Infra Development Fund to help developing cities improve their infrastructure. The National Housing Bank will manage the infrastructure fund, which will be beneficial for vital infrastructural developments in Tier 2 and Tier 3 cities. The government will utilise Rs. 10,000 crores per annum for this purpose. This infrastructural push will positively influence the residential market. Through this, Belmac sees a huge opportunity to experiment and an uptick in housing demand.
This is a historic budget, says Vidip Jatia (Director, Belmac).
Vidip Jatia, Managing Director of BSE-listed Supreme Holdings and Hospitality (India) Limited, a reputed real estate developer under the name of Belmac, says, "This has been a historic budget by the government. The fiscal deficit has been under control, and the government is taking proactive steps to reinvest in the economy. Direct and indirect taxes have also seen a steady rise, giving room for fiscal consolidation. For the real estate sector, the government is keen to create new cities around Tier 2 and Tier 3 cities. This will make more planned urbanisation possible.
Moreover, the increased capital expenditure will have a multitude of impacts on the entire real estate sector. The government has increased the capital outlay for infrastructure to Rs. 10 lakh crore, which constitutes approximately 3.3% of the total GDP. This has unveiled potential prospects for the real estate sector. The Finance Minister presses on the government’s pivotal role in mass housing. The PMAY will be enhanced by 66%, which will assist the vision of "Housing for All." Middle-class individuals were greatly impacted due to the pandemic-led disruptions. However, the government’s boosting of PMAY will help homebuyers, especially those from the unorganised sectors, in their housing process. The reforms in tax rebates will result in increased disposable income among individuals. This would further increase their savings and investments. All these factors will encourage housing demand in major micro markets.
We are expecting strong demand in 2023, says Prateek Jatia.
"The transforming trends that emerged in 2022 led to a substantial increase in housing demand in major cities and micro-markets in India." Expansive spaces and aspirations for an augmented lifestyle have convinced homebuyers to invest in the best property. This will continue throughout the year 2023. The government’s sustainability and green growth initiatives provide ample space for optimal land resources, reduced carbon emissions, and energy-efficient facilities. This would improve investment opportunities in diverse locations and amplify the livability index. The 66% increase in PMAY funding will reduce the deficit and close the gap between prospective homebuyers and housing opportunities.
Among top micro-markets, Belmac is focused on Panvel, which is ushering towards becoming Mumbai 3.0. Panvel is the booming real estate company Hubspot knows for its sustainability. Once an underdeveloped marshy landscape, Panvel has now become an epicentre of the Mumbai Metropolitan Region. The city has been experiencing a rising number of investors owing to its growth prospects. The city is home to ambitious infrastructure projects, and the government’s move towards encouraging these developments will accelerate the growth of the region. The robust infrastructural base in Panvel provides remarkable opportunities for both developers and homebuyers. The budget is headed in the right direction for the long-term growth of the real estate sector.