Housing sector

Union Budget 2022: Real Estate Sector Expects Dynamic Favorable Policy for Housing Sector, Tax Easing | Real estate news

New Delhi: Pankaj Bansal, Director of M3M India, India’s leading property developer and the largest developer of commercial space in North India, is confident of the rapid recovery of the property sector from the Covid downturn, and is aggressive on FDI inflows into the sector, IANS news agency reported.

“The retail segment has been on investors’ radar as it offers great investment opportunities to a wider range of small and large investors. As part of NCR, Gurugram appears to be the industry leader in M3M India itself is today the largest developer of retail space in North India delivering over 4 million square feet of retail space in the one of Gurugram’s most promising growth areas.Overall, the company has delivered a staggering 20 million square feet of real estate space.The DPIIT Report on FDI Flow in the Construction Sector, and the Institutional investors’ interest in real estate is very encouraging. I think it will make the business more competitive, providing better value for buyers and investors,” Pankaj Bansal told IANS.

The property sector is also eagerly awaiting the upcoming Union budget and expects some key tax easing to boost the sector and make it more affordable.

“We are now looking forward to the Union budget and expecting a dynamic favorable policy, not only for retail, but also for the housing sector. As the whole sector aims to contribute at least 13% to GDP of India by 2025 and reach a market size of USD 1 trillion, I am sure that the government must also seek to present some key concessions and easings in the Union Budget 2022,” says Pankaj Bansal.

Real estate ranks third among the 14 major sectors in terms of direct and indirect or induced impact on all sectors of the economy.

Pankaj Bansal added: “The market is constantly expanding. There are huge growth opportunities for small and medium retail investors that will make the market more accessible to a wider audience. Even the cohousing market in the top 30, mostly metro cities, is expected to grow nearly double – to about $14 billion from the current size of $6.70 billion. The revival of the real estate sector, which is the second sector in terms of job creation, only after agriculture, will create more jobs. “

According to a recent report by Savills India, real estate demand for data centers is also growing – from 15 to 18 million square feet by 2025.

Additionally, in the third quarter of fiscal 2021, the housing sector stood at 62,800 units, an increase of 113% year-on-year in the top seven cities, compared to 29,520 units in the third quarter of 2020. In of the seven cities, Mumbai accounted for 33% of total sales and NCR 16%. According to JLL Report, in the January to March 2021 quarter, NOIDA accounted for 55% of net absorption, followed by Gurugram at 38%. Delhi-NCR has also witnessed a surge in demand for office space.

“The Government of India’s ambitious 100 Smart Cities project will not only be a great opportunity for the real estate sector, it will also pave the way for many world-class developments in major emerging markets, by capable property developers who are exploring ‘smart’ and new age innovations to bring new ways of living habitats,” says Pankaj Bansal.

The central government has given a boost to the sector by deciding to build 20 million affordable housing units in the country’s urban areas by the end of fiscal year 2023. This is being done under the Pradhan Mantri Awas Yojana (PMAY) program of PM Narendra Modi from the ministry. housing and urban affairs.

With IANS entries