Pune: Real Estate industry experts have said Union Budget 2024-25 has taken progressive measures to enhance real estate transactions, inclusivity and financial independence.

Shashank Paranjape, Managing Director, Paranjape Schemes (Construction) Ltd, says, "If the proposed measures such as reduction in stamp duty for first -time homebuyers and women buyers are implemented, then it will provide a much-needed boost to the real estate market."

Gaurav Pandey, CEO, Godrej Properties Ltd, said, "Initiatives boosting women's workforce participation, like specific skilling programs and reduced stamp duty rates, and additional reductions for properties purchased by women are progressive measures aimed to enhance real estate transactions, inclusivity, and financial independence."

Padma Priya, Partner, Grant Thornton Bharat said, "Redeveloping cities through a well-developed framework of enabling policies, market mechanisms, and regulations is expected to boost both urban and peri-urban areas. This approach will integrate peri-urban areas smoothly into the urban landscape."

Highlights:

• 12 Industrial Parks to be sanctioned.

• Rental housing with dormitory-type accommodation for industrial workers will be facilitated under the PPP-mode.

• Brownfield redevelopment of cities under the PPP mode lays open opportunity for real estate development

• Tourism boost to states of Odisha and Bihar

Murali Iyer, Country CFO, IKEA India said, "Significant investments in infrastructure and tax relief measures, such as an increased standard deduction for salaried employees, will increase disposable income for consumers, providing a boost to retail.

Additionally, the focus on climate sustainability through a roadmap for transitioning industries is most welcome. We believe the focus on manufacturing, youth, skilling, employment generation, sustainability, and women empowerment will lead to a more inclusive growth and economy.”

Venkatesh Gopalakrishnan, CEO, Shapoorji Pallonji Real Estate, said, “The increase in the affordable housing deduction for interest paid on loans is a positive change that will provide much-needed relief to homebuyers and boost the real estate market.

The finance minister's announcement encouraging states with high stamp duties to moderate their rates and considering further reductions for properties purchased by women is another positive step. This empowers women economically and socially, creating a more inclusive growth model.

These measures, integrated as essential components of urban development schemes, will make homeownership more accessible and equitable."