Budget : 2022-2023

Budget: 2022-2023

After COVID-19, the chart of real estate has letfed downwards. But the Budget for 2022-2023 has given some relief to real estate agents and builders. If we talk about the income growth of the country then real estate is the second number after the agriculture sector. Due to the pandemic, the number of users has decreased which has decreased the graph of the real estate market. If we talk about the past years the sale was dropped, and COVID-19 has broken the legs of real estate agents. 

The market dropped. So, for recovering this problem government has passed a new budget that has helped the agents to grow up. There are some of the factors from which we will get to know the budget and inflation of the real estate market in 2022-2023. As everyone knows that housing is a basic need of everyone. So by seeing this problem, Finance minister Nirmala Sitharaman said in the council that she will pass around 80 lakh homes in India that will give shelter to everyone whether that person is of any category. 

Budget : 2022-2023

Finance minister Nirmala Sitharaman has declared many aspects that are in the favour of the real estate sector. Due to corona real estate has suffered from a slowdown. The finance minister had told that 80 lakh affordable houses will be constructed by the end of the year 2023. The homes will be built on Pradhan Matri Awas Yojna. With the help of this scheme, the people who come in the category of the economic weaker section can also fulfil their dream of a house.  Nirmala Sitharaman has passed Rs 48,000 crore of funding for making affordable housing. So, it will lead to selling the under-construction projects as well.

The budget 2022-2023 has put more eyes on building tier 2 and tier 3 cities. These cities are built on future plans. These cities will be built in economic powerhouses. The government had planned numerous things to make the cities urban. In a short way, we can say that the government is doing urban planning. In which government will convert all the rural areas into good areas. Not only this the finance minister had told that this urban planning will not be made by the businessmen. 

Also read:- Noida Twin Towers feel down why?

Apart from this in the budget 2022-2023 Indian government is focusing on building infrastructures very fastly and effectively. under the government budget of GATI SHAKTI, the government had built around 18,000 km during the year. Not only this government has also extended the benefits of affordable housing. That has also increased the demand for affordable housing. 

PMAY :- 

Middle Income Group I (MIG I) Rs.6 lakh to Rs.12 lakh

Middle Income Group I (MIG II) Rs.12 lakh to Rs.18 lakh

Lower Income Group (LIG) Rs.3 lakh to Rs.6 lakh

Economically Weaker Section (EWS) Up to Rs.3 lakh

After this factor real estate becomes the most contributor to India's GDP. Not only this the government has renewed some of the old policies like the Emergency Credit Line Guarantee Scheme (ECLGS). 

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With the help of these schemes, people are getting their homes easily not only this. Real estate agents are also now happy with the government policies. The finance minister had taken a very good decision. This will help the rural areas to convert to semi-urban areas. The step of affordable housing had given relief to the EWS people. Nirmala Sitharaman said that 60,000 houses will come in PMAY that will be applied in both rural and urban areas. Finance minister Nirmala Sitharaman has said in a meeting that there will be around 80 lakhs in India by 2023. To boost the sales of houses, the government has passed PMAY through this yojna everyone will be able to buy a home. A total of 6,368 houses are been constructed under the Light House Projects scheme. The budget of Light House Projects is Rs 790.57 crore. Not only this Nirmala Sitharaman also said that till March 2023 every home must be registered under the guidelines of the RERA.

Affordable houses in Greater Noida

What is a Unique Land Parcel Identification Number (ULPIN)?

Unique Land Parcel Identification Number (ULPIN) 14-digits alphanumeric unique ID for each and every land parcel in India. In a short way, we can say that it is like Aadhaar on land.

What is National Generic Document Registration System (NGDRS)?

National Generic Document Registration System (NGDRS) is a generic and configurable application developed for registration departments across the country.

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In the end, the conclusion come that, now you are aware of different types of schemes that the government has passed for low-income people or for other people. We hope that this blog was beneficiary for you. If you want to suggest anything just drop a message in the following form.

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