CREDAI welcomes expansion of PM Awaas Yojana-Grameen Scheme in interim budget

CHENNAI: Welcoming the budget announcement of building 2 crore additional houses under PM Awaas Yojana-Grameen Scheme, CREDAI - Chennai (Confederation of Real Estate Developers Associations of India) hoped that the budget announcements set a positive tone for the growth of the real estate industry.

S Sivagurunathan, president, CREDAI - Chennai, said that recognizing the critical need for decent housing, the budget proposes building 2 crore additional houses under the PM Awaas Yojana-Grameen scheme, benefiting rural communities.

"Additionally, a dedicated scheme for the deserving middle class aims to address their housing aspirations, potentially boosting the overall housing market. A massive 1 lakh crore fund corpus fuels research in sunrise sectors and empowers private sector innovation, potentially leading to cutting-edge advancements that benefit the nation, " he added.

Sivagurunathan opined that improved rail and road connectivity in tier 2 and 3 cities will foster inclusive growth by unlocking economic opportunities and further aiding the housing sector in these regions.

"While the lack of immediate tax relief might raise concerns about disposable income, the broader vision lays the groundwork for a future-oriented economy. The full budget will provide further clarity on fund allocations, fiscal deficit, and growth targets, painting a complete picture of the government's roadmap, " he added.