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Business EconomyPosted at: Feb 1 2023 4:39PM


JLL terms Union Budget a balanced one for the economy

Hyderabad, Feb 1 (UNI) JLL, a leading professional services firm that specializes in real estate and investment management, on Wednesday termed the Union Budget 2023-24 presented in Parliament by Finance Minister Nirmala Sitharaman as a ‘balanced one for the economy but a miss for major real estate expectations.’
In a statement, Dr. Samantak Das, Chief Economist, and Head of Research and REIS, India, JLL, reacting to the budget said, in a pre-election year, it sought to build on the roadmap laid down by previous budgets, focusing on inclusive development, fostering growth and job creation while keeping the macro-economy in a stable yet growth-oriented mode.
It has given more money into the hands of individuals and households which would, to a large extent, ease out the increasing pressure on account of home loan EMIs and rising home prices, he pointed out.
The increase in allocation for PMAY by a significant 66 percent would help continue capital flow under CLSS and other related schemes, Das said.
Addressing the need for creating sustainable cities of tomorrow through urban planning, ease of land availability and promoting TOD schemes will be key towards sustainable development moving forward.
Focus on overall infrastructure development and on Tier 2 and 3 cities will be key to overall economic development, the Chief Economist said.
From a real estate perspective, the Budget was not an interesting one, barring the enhancing of the PMAY outlay by 66 per cent to INR 79,000 crore. This will support the completion of the ‘Housing for All by 2025’ agenda and continue capital allocation for CLSS and other related schemes under PMAY, he said.
Income tax announcements – more money in the hands of individuals, he said the direct income tax benefits will bring more money into the hands of the middle and higher income class. This will support home buying activity as it will ease the pressure of increased EMIs and higher home prices for prospective homebuyers, Das said.
The revision in Section 54 and 54F has now capped the deduction of capital gains from house property to INR 10 crore. This will create a higher tax incidence for high-value transactions, he said.
On an overall basis, the focus on start-ups, MSMEs and manufacturing capacity building in the country are all positive from a job creation perspective, increased investment in the economy and the need for more real estate – both for offices and greenfield manufacturing facilities. However, these benefits will accrue over a sustained period of time.
In conclusion, the Budget is a balanced one for the economy but misses out on key real estate sector demands and specifics about operationalization of various announcements.
Tangible action points over the course of the next financial year would be awaited to see real on-ground activity on key points highlighted on sustainable cities and net-zero targets, he added.
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