The Interim Budget 2024 reveals an ambitious vision for the future. Through the implementation of government policies and the PM Awas Yojana, the focus is on infrastructure development, affordable housing for the middle class, environmental sustainability, and empowering individuals beyond just housing.

These initiatives aim to create a society that is not only resilient and inclusive but also prosperous. As neighbourhoods flourish and construction projects take shape, this budget represents a significant stride towards achieving the aspirations of all.

The budget included a historic Rs. 11.11 lakh crore in capital expenditure (capex), a notable increase of 11.1%. It is anticipated that this enormous investment in transport infrastructure-such as roads, bridges, and trains-will boost employment, enhance connectivity, and open up new chances for real estate development in a number of areas.

Demand for commercial development, in warehousing and industrial zones, as well as logistics hubs, may rise in response to improved infrastructure. Better connectivity in tier 2 and tier 3 cities might also increase demand for residential real estate.

The budget strongly emphasizes addressing the pressing issue of housing affordability through innovative measures and collaborative partnerships. One key initiative involves the creation of new affordable housing units through public-private partnerships.

By leveraging the expertise and resources of both government entities and private developers, we can expedite the construction of affordable housing projects and expand the supply of housing options for low- and middle-income families.

Furthermore, the budget allocates funds for the rehabilitation and revitalization of existing housing stock, aiming to improve the quality and availability of affordable housing options.

This includes initiatives such as home renovation programs, neighbourhood revitalization projects, and incentives for converting underutilized properties into affordable housing units. By revitalizing existing neighbourhoods and preserving affordable housing stock, we can ensure that communities remain vibrant and inclusive, with housing options accessible to residents of all income levels.

Introduction of a new housing programme designed specially to assist middle-class families living in rentals, slums, or unofficial colonies was a significant statement. The specifics of this plan have not yet been disclosed, but it has the potential to greatly boost homeownership in this demographic, which would enhance demand for mid-range apartments and motivate developers to serve this expanding market.

In addition to creating new affordable housing units, the budget emphasizes the importance of promoting sustainable and resilient housing design and construction practices. With climate change posing increasingly urgent challenges, it is essential to prioritize building practices that mitigate environmental risks and promote long-term sustainability.

This may involve incorporating energy-efficient features, utilizing renewable materials, and implementing resilient design principles to ensure that homes are both affordable and resilient in the face of future challenges.