Budget 2022: A reduction in the corporate surcharge from 12% to 7% is welcome news for the developer community.
According to Finance Minister Nirmala Sitharaman's Budget 2022, the Reserve Bank of India (RBI) will introduce digital currency in the next fiscal year beginning April 2022 to boost the digital economy and efficient currency management.
The introduction of a central bank digital currency will give the digital economy a significant boost.
"Digital currencies will also result in a more efficient and cost-effective currency management system. As a result, it is proposed that the Reserve Bank of India issue digital rupees using blockchain and other technologies beginning in 2022-23 "Sitharaman explained.
'India's Union Budget 2022-23 has brought a slew of benefits across industries. A reduction in the corporate surcharge from 12% to 7% is good news for the developer community. The issuance of the digital rupee by the RBI using blockchain technology will increase the transparency of real estate transactions. Affordable housing has also gotten a boost, with 48,000 crore allocated for the completion of 80 lakh houses under the PM Awas Yojana. A further 60,000 crore has been set aside for the Har Ghar Nal programme. Last but not least, an additional allocation of 19,500 crore for manufacturing solar modules bodes well for real estate," said Atul Goel Ganga, MD, Goel Ganga Group & President (Elect), NAREDCO Pune.
With several key budget announcements, the real estate sector is hopeful of a solid recovery.
"With a focus on the construction of over 80 lakh affordable houses by 2023, a focus on urban development through the concept of mega cities, and an enhanced focus on Tier 2 and Tier 3 cities, the real estate sector will receive much-needed impetus," said Annuj Goel, MD, Goel Ganga Developments.
Overall, he said, this is a progressive, supportive budget with a greater emphasis on infrastructure development.