Friday, Apr 19 2024 | Time 21:41 Hrs(IST)
image
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.
UNI KNR CS1640
Please log in to get detailed story.
Tags: #JLL terms Union Budget a balanced one for the economy
More News

"CSIR-IICT and BHEL partners to advance clean fuel technology: MoU signed on CO2 to DME"

19 Apr 2024 | 7:23 PM

Hyderabad, April 19 (UNI) The Council of Scientific and Industrial Research-Indian Institute of Chemical Technology (CSIR-IICT) and Bharat Heavy Electricals Limited (BHEL) Corporate R&D have forged a partnership to develop technology for capturing and converting carbon dioxide (CO2) to Dimethyl Ether (DME) through direct catalytic conversion.

see more..

Amara Raja Infra Wins Greenko’s 700MWp solar project in AP

19 Apr 2024 | 6:41 PM

Hyderabad, Apr 19 (UNI) Amara Raja Infra Private Limited (ARIPL), part of the $1.75 billion Amara Raja Group, on Friday announced it has secured a solar BoS (Balance of System) project of 500MW/700MWp from Greenko.

see more..
Sensex recovers 600 points on heavy buying on last day of week

Sensex recovers 600 points on heavy buying on last day of week

19 Apr 2024 | 5:34 PM

Mumbai, April 19 (UNI) Snapping a losing streak of last four sessions, the BSE Sensex on Friday bounced back 599.34 points to close at 73088.33 on expectation of minimal escalation of tension between Israel and Iran.

see more..

19 Apr 2024 | 5:24 PM

Mumbai, Apr 19 (UNI) IT major Wipro on Friday reported 7.80% year-on-year dip in consolidated net profit at Rs 2,834.6 crore for January-March quarter (Q4) of the financial year 2023-24.

see more..
Rupee up 8 paise against USD

Rupee up 8 paise against USD

19 Apr 2024 | 5:05 PM

Mumbai, April 19 (UNI) The Rupee on Friday ended positive at 83.47, rising 8 paise against the USD on selling US Dollar by bankers and exporters, dealers at the Foreign exchange said.

see more..
image