Budget 2022-23: Impact on Real Estate

India is the 7th largest country in the world and that means that we have a huge land area. Considering the habitable space and the economic growth, it can be said with certainty that real estate and infrastructure development are key pillars to the economic development of the country. Hence, real estate finds strong focus in the union budget of the country and is closely watched upon by pundits and experts.

Due to the pandemic, many projects were delayed, there was difficulty in transporting material and property sales nosedived. Given the corona-induced lockdowns and hardships faced, this budget is focussed more on kick starting growth. This budget appears to be a watershed moment, with an inclusive and forward-thinking approach that will benefit all sections of society.

Some of the key points noticed in the budget are

1. Impetus on affordable housing

There is an INT 48,000 crore promise in the Union Budget of 2022-23 for affordable housing projects. The grant will be used under the Pradhan Mantri Awas Yojana and around 80 lakh families will be covered.

2. Gati Shakti Masterplan

The PM Gati Shakti Master Plan brings heavy thrust on the Atmanirbar Bharat and the building of infrastructure projects. This will have a huge impact on real estate and act as an economic booster. It will also help in ensuring that India is self-reliant and self-sufficient in all aspects.

3. Focus on Urban Planning

With the coonomic growth booming, existing cities are feeling the pressure more and more. There is anow a need to develop mega cities, as well as the existing tier 2 and tier 3 cities. This has also meant that suburbs are facing expansion. Thus more and more of the existing suburbs are coming under the main city limits. A classic example is the case of Chennai, where the Avadi area was included in the Chennai corporation limit.

With sustainable and planned development, a lot of things can be achieved and a positive environmental impact created. A special committee with leading experts will be set up exclusively for urban planning and development.

4. Digitization of records

With the Digital India initiative being rolled out, a comprehensive roadmap has been developed to digitise land records. This will help in avoiding fraud in transactions, efficient monitoring and utilization of land resources and easy allotment to land parcels in case of industrial development. The main point to not is the idea of standardization. The induvial states will be encouraged to adopt the "Unique Land Parcel Identification Number'' (ULPIN). This will help facilitate seamless and IT-based management of land records.

Another key idea is the linage to the 'National Generic Documents Registration System (NGDRS)'. Similar to the concept of Aadhar, this will be a 'One Nation-One Registration Software'. It will also offer a uniform process of 'Anywhere Registration' of Deeds and documents.

Measures will also be taken to ensure that land records are translated from regional languages.

Impact on Chennai

Particularly for Chennai and the suburbs, this budget will give a big boost. Whether one is going to invest in villas or plots, there is going to be a definite appreciation in value in the future. The creation of a new airport, the CMRL project and other infrastructure projects, further economic growth and investments in various IT parks etc will also boost real estate value. Hence, just a random search in Google of terms like 'DTCP Approved Plots sale in Oragadam' or 'Independent House for Sale in Maraimalai Nagar' will not give value. One needs to get in touch with a reliable company to achieve aspirations.

About Wisdom Properties

Wisdom Properties is a leading real estate company in Chennai. They offer plots in Guduvanchery, plots in Oragadam, plots in Maraimalai Nagar and plots in Chennai for a very fair price. All their properties are encumbrance free and offer excellent value for money. Given that many are in prime suburbs, there is excellent potential for appreciation in value. The company brings an unwavering commitment to innovation, quality and transparency to achieve success and is a reputed brand in the arena of real estate and plots.

Apart from plots, Wisdom Properties also delivers premium villas, farm land, and industrial land plots in Chennai and its outskirts for a very attractive and affordable price. The main advantage is that they have tie-ups with leading financial institutions to offer loans.

For more details, contact Wisdom Properties at +91- 93606-93606 or sales@wisdomproperties.com