"Real Estate Sector relieved with PMAY scheme": Ashok Chhajer, CMD Superstructures on Budget 2023

New Delhi [India], February 2 : Ashok Chhajer, Chairman and Managing Director of Arihant Superstructures Limited on Wednesday said the Real Estate Sector was relieved after allocation for PM Awas Yojana was raised by 66 per cent to over Rs 79, 000 crores announced by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023-24 in Parliament.
Today, our finance minister Nirmala Sitharaman announced the Union Budget, 2023. "The vision for this "Amrit Kaal" is technology driven and based on knowledge, strengthening the public finances,' Ashok Chhajer said.
"The Real Estate Sector had its share of ups and downs. To make homes more affordable and bolster the vision of "affordable housing", the Budget has introduced schemes to facilitate it," Chhajer informed in a statement.
Ashok Chhajer expected the government to boost affordable housing by reintroducing Section 80IB, it said.
The Government has announced an increase in PMYA YOJANA fund for affordable housing. PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 crore. "This will boost major affordable housing developers for houses below 25 lacs. With this, we can see the real estate sector benefitted. This will encourage the states and cities to undertake urban planning further enhancing infrastructure growth,"Chhajer said.
Ashok Chhajer had expected the Government to facilitate the Growth of Infrastructure with the State Government, it added.
The government has laid down a special fund vehicle of 10000 crores each year for big city development and thus it will benefit the Mumbai region.
Ashok Chhajer said, "The Central Govt has Increased Capital Outlay for Infrastructure to pull in private investment. This will lead the country to accomplish the old saying, Bharat ek Sone KI Chidya, under the leadership of our Prime Minister Narendra Modiji".
The outlay for Prime Minister Awas Yojana (PMAY) has been enhanced by 66 per cent to over Rs 79,000 crores, announced Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023-24 in Parliament on Wednesday.
This is a significant increase considering Sitharaman, in the Budget 2022-23, had proposed an allocation of Rs 48,000 crore for the Housing for All initiative of the government.
This year's budget is significant being the last full budget of the Modi government's second tenure as the general elections are scheduled for next year.
The government, last year, had promised that 80 lakh houses will be completed for the identified eligible rural and urban beneficiaries of PMAY.
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday.
The Finance Minister announced that the government proposes to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 per cent of the GDP, said Union finance minister Nirmala Sitharaman.
"(This overall outlay) would be 3.3 per cent of GDP, almost three times the outlay made in 2019-20. With the substantial increase, it is central to the government's efforts to enhance growth potential and job creation, the crowd in private investments and provides a cushion against global headwinds," Sitharaman said in her Budget speech.