The re-elected Modi Government along with the newly appointed Finance Minister, Nirmala Sitharaman will be presenting the Union Budget on 5th of July, 2019 which will include many new reforms and changes for different sectors. The real estate sector not only provides a roof for the citizens, but also contributes about 7% to the country’s GDP and generates about 14% employment. Naturally, there are some expectations and demands of the realty sector which, they are hoping, will be considered by the new Finance Minister, who will be presenting her first ever Budget.
Expectations of the Real Estate Sector
Despite efforts to improve the real estate sector, there has been a decline in the industry due to delays in projects. Big announcements from the Budget can help revive the industry and turn it into a developed sector, from a developing one.
The real estate sector is expected to contribute about 13% to the GDP by 2025 and reach $1 trillion by 2030. This sector could definitely benefit and improve if some of these ideas are implemented, especially after all the issues created because of shortage of liquid funds. While no one can predict what the actual Budget will be like, Modi’s vision of ‘Housing For All’ by 2022 could mean that there might be some positive news for the realty sector on the 5th of July, 2019. All eyes are now on the new NDA government to see how they can help improve the economy and accelerate growth.
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