Union Budget For Real Estate Sector as well as other sectors in 2022 is a hot topic and a topic of discussion all over India. Every year, the Finance Minister of India presents the Budget. On Tuesday, i,e on February 1st, Finance Minister of India Nirmala Sitaraman, presented a budget worth Rs 39.45 lakh crore, with a focus on infrastructure development. Since 1947, there have been a total of 73 annual budgets, 14 interim budgets and four special budgets, or mini-budgets. The total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore, while the total receipts other than borrowings are estimated at Rs 22.84 lakh crore. Total expenditure in 2021-22 is expected to be Rs 34,83,236 crore, which is 1% higher than the revised estimate of 2020-21. Expenditure in 2021-22 has increased at an annual rate of 14% over 2019-20.
The Union Budget 2022-23 has come up with some realistic and long term growth of the real estate industry. There is a lot of macro growth expected. The survey indicated that the Indian economy was well placed to witness GDP growth of 8.0-8.5% in the year 2022-23. The Union Budget of India 2022-23 might turn out to be the crucial point in the real estate industry. Finance Minister Nirmala Sitaraman announced several positive points to bring growth in the real estate sector.
Let us look at the main points of the Union Budget 2022-23, that impacts the real estate sector. Whenever the Union Budget is announced, there will always be some downside, some favourable points and some things will remain the same.
Well now let us talk about some of the downsides, i.e. not so favorable points for real estate.
The Finance Minister, Nirmala Sitharaman announced the budget for the year 2022-23. There were a lot of expectations as usual. Even though the focus is on the overall development of the infrastructure and housing sector, many important suggestions from the developers and builders are missing. Which has not impressed the builder community. Besides all the above-mentioned highlights there were also expectations of tax relief for the real estate sector.
Nayan Raheja, Director, Raheja Developers, says, ” The entire real estate sector is requesting for a single-window clearance, which enhances the smooth operation, but there was no attention for this long-standing demand. If I have to summarize, the budget announcements were a mixed opinion for the real estate sector.
If I have to conclude the Union Budget 2022-23 promise to improve affordable housing availability and strengthen the infrastructure across the nation.
Overall Union Budget 2022
1. What is the union budget expenditure for the year 2022-23?
Ans. The total expenditure in 2022-23 is estimated at Rs 39.45 lakh crore.
2. Does the real estate sector get expected budget announcements?
Ans. No, according to the reports, it’s a mixed bag of opinion.
3. When did the Finance Minister present the Union Budget?
Ans. On 1st February, 2022
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