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Tag: Economic Growth

  • Coworking Spaces: Driving Workplace Evolution in the Post-Pandemic Era

    Coworking Spaces in the Post-Pandemic Era: Insights from Robin Chhabra, Founder & CEO of Dextrus

    The rise of coworking spaces has reshaped the workplace landscape, emerging as the go-to solution for businesses and professionals navigating the post-pandemic world. According to Mr. Robin Chhabra, Founder and CEO of Dextrus, the pandemic accelerated the adoption of flexible work environments, pushing businesses to move away from rigid office models.

    With the gig economy projected to grow at a compound annual growth rate (CAGR) of 17%, reaching $561 million by 2031, coworking spaces are increasingly becoming the backbone of this transformation. As businesses strive for flexibility, scalability, and agility, coworking providers like Dextrus are leading the charge with innovative solutions tailored to meet diverse professional needs.

    Gig Economy and Independent Professionals Boost Coworking Demand: Before the pandemic, coworking spaces were largely dominated by startups, freelancers, and independent professionals. Today, the growth of the gig economy, driven by flexible work models, has broadened their appeal. Independent workers now account for a significant share of coworking users.

    The gig economy’s growth will contribute to the creation of over 90 million jobs by 2031 and 1.25% of the global GDP. Coworking spaces such as Dextrus support this evolving workforce by providing customized workspaces, offering flexible options like hot desks, private offices, and shared workspaces.

    The hub-and-spoke model, which connects central offices with smaller regional hubs, is gaining traction as businesses seek to expand operations while maintaining flexibility. According to Robin Chhabra, Dextrus supports this model by helping companies design scalable solutions that connect central offices with satellite locations across cities.

    Customization – A New Frontier in Workspace Solutions: As businesses adopt hybrid work strategies, customization has become a key offering from coworking providers. Coworking spaces now go beyond offering basic office solutions; they create environments that mirror a company’s brand identity and work culture.

    Dextrus stands out by offering personalized services through its BUILD team, which specializes in designing and building bespoke workspaces. By incorporating a company’s brand values into the design, Dextrus enables businesses to create inspiring and unique environments for their teams.

    This high level of personalization ensures that coworking spaces remain relevant and appealing to both large organizations and small teams seeking flexibility and functionality.

    Technology and Strategic Partnerships: Enhancing Productivity: Modern coworking spaces leverage advanced technology to boost productivity and efficiency. Amenities like high-speed internet, video conferencing, and state-of-the-art meeting rooms are now standard in coworking facilities.

    Many providers also establish strategic partnerships to offer value-added services. For instance, Dextrus partners with software and consulting firms to provide comprehensive solutions that help clients optimize their operations. These partnerships enable coworking spaces to become productivity hubs, offering resources that go beyond the traditional office environment.

    Community Building: Creating Connections in a Disconnected World: One of the defining aspects of coworking spaces is their role as enablers of community and collaboration. The isolation brought on by remote work during the pandemic made employees crave meaningful interactions, which coworking spaces provide.

    At Dextrus, community engagement is a priority. Events such as inter-company sports tournaments, festive celebrations, and networking sessions foster collaboration among members. Additionally, initiatives like pop-up events and local business promotions create opportunities for startups and entrepreneurs to showcase their products and services.

    Social initiatives, including sustainability efforts and community action programs, further promote inclusivity and give coworking members a sense of shared purpose.

    Economic Growth Drives Coworking Expansion: As the global economy rebounds post-pandemic, the demand for coworking spaces continues to grow. Tier-1 and Tier-2 cities in India are becoming hubs for startups, IT companies, and global capability centers (GCCs), all of which require flexible office solutions.

    The Indian coworking market is expected to reach $40 billion by 2028, driven by the tech industry’s rapid growth and India’s projected GDP crossing $7 trillion. Coworking providers like Dextrus are playing a pivotal role in supporting this growth by offering scalable and cost-effective workspace solutions.

    Conclusion: The Future of Coworking Spaces: In the post-pandemic era, coworking spaces have redefined how businesses operate, offering flexibility, customization, and collaboration opportunities. As Robin Chhabra, Founder and CEO of Dextrus, explains, the success of coworking lies in its ability to adapt to evolving workplace demands while fostering community and innovation.
    The future of coworking looks promising, driven by the gig economy, technological advancements, and the increasing demand for agile workspaces. With their scalable and cost-effective solutions, coworking spaces are set to remain integral to the global work ecosystem, enabling businesses to thrive in a rapidly changing world.

    This article is proudly presented by Prittle Prattle News, a platform dedicated to thought leadership and innovation. Led by its Editor-in-Chief, Smruti Bhalerao, the publication continues to bring forth storylines that inspire change and celebrate growth in various sectors.
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  • Technological and Startup Ecosystem in Budget 2024-2025

    How Budget 2024-2025 Supports Innovation and Growth

    The Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, has laid out a comprehensive framework to bolster technological innovation and support the startup ecosystem in India. The budget introduces several key initiatives aimed at reducing tax burdens, simplifying compliance, and fostering an environment conducive to innovation and growth.

    Dilip Chenoy, Chairperson, Bharat Web3 Association

    “The nine focus areas of budget 2024 are key steps towards our goal of Viksit Bharat. The budget also lays out a clear framework for digitisation of various sectors, where Web3 technology could play a critical role. We were hoping for some relaxation to the taxation framework on VDAs in this budget, but the absence of any announcement is not particularly disheartening, given the Govt’s overall negative stance towards the sector.

    We have submitted data-backed quantitative analyses regarding the flight of users’ trading and transactions, as well as the potential increase in government revenue should the taxation structure be revised. We will continue to push for rationalization of the taxation framework, which includes reducing the TDS to 0.01%, allowing setoff of losses on VDA transactions and modifying the 30% tax on capital gains. We are hopeful that the government will consider our requests and that we will see changes in the future. On the positive, abolishing the angel tax for all classes of investors will work towards bolstering the Indian startup ecosystem. We look forward to more Web3 startups setting base in India, given India’s immense Web3 talent and potential. Finally, the impetus provided to blockchain skilling and talent development in the Economic Survey can empower youth for the exciting opportunities in Web3 and contribute to a skilled ecosystem for Web3 adoption.”

    Shivam Thakral, CEO of BuyUcoin, India’s second-longest running digital asset exchange
    “We welcome the positive announcements made by the honorable finance minister in today’s budget. However, the demands of the Web3 sector were not met and we will continue our constructive dialogue with the regulators to address the industry concerns. Here is our analysis of the Union Budget 2024: Angel tax abolished: India’s startup ecosystem received a big boost in today’s budget as the angel tax is abolished for all classes of investors.
    This move will be a gamechanger for startups planning to raise funds for their expansion as it will give startups more surplus funds to invest in product innovation and technology development to implement their long-term vision for the industry. The move will encourage a lot of innovators to start their entrepreneurial journey and VCs will find it more convenient to invest in early-stage startups. With deep-tech, blockchain and emerging technologies in focus. VCs will be keen to bet on innovative technologies to facilitate the transition from Web2 to Web3. TDS on VDAs untouched: However, Web3 as a sector was slightly ignored in the budget as the request to reduce the TDS on VDA transactions was not accommodated in the budget announcement. The delay in reducing the TDS will hamper the industry growth prospects as digital assets will not have a level playing field with other asset classes like stocks, gold and real estate. Higher tax and not allowed to offset gains: The high tax on gains from VDAs still stands at 30% which is relatively very high and the users are not allowed to offset losses like stocks. This move will prove to be detrimental for the web3 industry as it deprives the industry from a level playing field.
    Emerging tech in focus: In an encouraging move, the government highlighted the importance of technologies like blockchain and artificial intelligence. Government is actively involved in leveraging the potential of blockchain and AI for better governance and enhanced delivery of citizen schemes. At the same time, the economic survey also talks about the threats and challenges associated with Artificial Intelligence. The deep-fake incidents that occurred recently calls for a responsible use of emerging technologies through constructive collaboration between government and private players.”
    Mr. Kartik Chhaya, Chief Operating Officer, Rupeeseed
    “We welcome the Union Budget 2024’s forward-thinking approach, particularly the reduction in corporate tax rates for foreign companies and the simplification of FDI rules. These measures will enhance India’s attractiveness as a global tech hub. The focus on employment-linked skilling and the support for MSMEs, including the credit guarantee scheme, align well with our mission at Rupeeseed to drive innovation and growth in the fintech sector. Additionally, the emphasis on developing DPI applications and improving IBC outcomes will streamline processes and foster a more efficient financial ecosystem. Notably, the Budget’s move to address Angel Tax concerns for startup entrepreneurs is a significant step forward. By providing clarity and relief in this area, the government is helping to create a more supportive environment for startups, which is crucial for fostering innovation and attracting investment. Overall, this budget sets a robust foundation for technological advancement and economic growth, which augurs well for businesses.”
    Mr. Abhinav Jain, Co-Founder & CEO, Almonds AI
    “The Union Budget 2024 has delivered a landmark decision for India’s startup ecosystem. The abolition of angel tax for all investor classes is a game-changing move that signals the government’s unwavering commitment to nurturing our nation’s innovative spirit. This pivotal reform will inject much-needed momentum into our startup landscape, which has faced headwinds recently. By removing this significant barrier to investment, the Budget 2024 is not just opening doors – it’s constructing highways for capital to flow into groundbreaking ideas. This bold step, building upon previous initiatives like the Startup India program, positions India to regain its growth trajectory in the startup space. The Union Budget 2024 sends a clear message: India is not only open for business but is actively cultivating the next wave of entrepreneurs who will propel our economy forward.”
    Mr. Utkarsh Gupta, Managing Director- Ramagya Group:
    “Finance Minister Nirmala Sitharaman’s latest budget sets forth an ambitious plan to empower 41 million youth over the next five years with a central outlay of ₹2 lakh crore. This includes significant allocations for education, skilling, and employment, which are critical areas for India’s growth. The government’s decision to provide financial support for higher education loans up to ₹10 lakh will make quality education more accessible, ensuring that students from all backgrounds have the opportunity to succeed. The focus on upgrading 1,000 Industrial Training Institutes (ITIs) and aligning their curriculum with industry needs will bridge the gap between academic learning and market requirements. At Ramagya Group, we are excited about these developments and are committed to supporting the government’s vision for a skilled and educated India.”
    Conclusion:
    The Budget 2024-2025 provides a significant boost to the technological and startup ecosystem in India. By addressing key concerns like angel tax and simplifying compliance, the government is fostering an environment that encourages innovation and investment. As industry leaders express their optimism, it is evident that these measures will pave the way for sustained growth and technological advancement in the country.
    The article was curated by Prittle Prattle News as an industry story feature.
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  • Budget 2024-2025: Enhancing Economic Stability and Grassroots Development

    Financial Experts Applaud Measures for Long-Term Economic Health and Inclusive Growth

    The Budget 2024-2025, unveiled by Finance Minister Nirmala Sitharaman, has drawn praise for its comprehensive approach to fostering economic stability and addressing grassroots issues. By focusing on long-term economic health, enhancing employment, and supporting the underprivileged, the budget aims to create a more inclusive and robust economy. Here’s what industry leaders have to say about the budget’s impact on the financial sector and grassroots development.

    Quote on Economic Strategy from Mr. Nitin Rao, CEO, InCred Wealth

    “Budget 2024-2025 build up for long term measures is positive. Many key areas have a positive build-up without impacting the fiscal position. Taxation increases seem negative, though was anticipated. Markets will stabilize after the negative shocks in the short term and track the progress of the country in the medium term.”

    Quote on Grassroots Development from Mr. Siddarth Bhamre, Head of Research at Asit C Mehta Investment Intermediates Ltd

    “The budget 2024-2025 is economy-centric and especially targets grassroots issues like employment and rural economic stress. Multiple direct and indirect schemes and announcements will target the upliftment of the poor, women, youth, and farmers. The finance minister has made this budget to enhance employment, increase skill sets, ease business for MSMEs, and provide tax measures for the middle class. From the capital markets point of view, it would be slightly disappointing as far as taxation is concerned. The economic measures announced are the need of the hour for rural employment and reduce stress in the MSME space. This budget has targeted the pain points in the economy.”

    Mr. Dhaval Ajmera, Director, Ajmera Realty & Infra India Ltd

    “The Union Budget 2024-25 reflects the growth-led vision of the government towards building a dynamic Viksit Bharat. The reforms announced by the honourable Finance Minister like enabling a stamp-duty cut for women homebuyers will act as a sense of encouragement for fence-sitters to make the move along with resonating a strong message for women empowerment. Keeping in check the motive to promote housing for EWS, the announcement about the allocation of additional 3 crore homes under PMAY along with interest subvention schemes about affordable homes will contribute to the vision of Housing for All. Overarching this, the 10-lakh crore outlay to boost urban housing under PMAY 2.0 will elevate the demand for affordable homes. The state-wise moderation of stamp duty rates is a strong move that will potentially enable relief to homebuyers from the stamp duty and registration charges, thus propelling housing demand across new and emerging markets. However, the sector still awaits the need to redefine the definition of affordable homes to include home sizes from 60 sq.m to 90 sq.m, rather than the current price bracket of ₹45 lakh, and incentivization to developers and homebuyers to develop and invest in green projects to save the environment. Overall, Budget 2024’s strategic investments and reforms are expected to drive substantial growth in the real estate sector, benefiting both developers and homebuyers alike.”

    Quote on Insurance Sector from Mr. Parimal Heda, Chief Investment Officer, Go Digit General Insurance

    “The Union Budget 2024-2025 has maintained its commitment to fiscal prudence yet announced various tax-friendly measures for the Indian taxpayers. From the perspective of the Insurance Sector, amendment made by the government to clarify various activities in insurance sector as neither a supply of goods nor a supply of services is an extremely positive measure for the sector. This will immensely reduce compliance and ongoing litigation burden and provide overall stability to the sector. Rationalisation of tax deducted at source (TDS) from 5% to 2% for payment of insurance commission to individual agents will ensure additional income in the hands of such individuals for payments made by the insurers.

    TDS reduction to 2% for payment of bonus or proceeds made on life insurance policies upon maturity will also ensure higher receivables for individual policyholders. Abolishment of angel tax for all classes of investors will provide a huge fillip to the start-up sector that in the past had witnessed funding winter. This will bring in the much-needed capital, especially from the foreign investors to the growing start-up ecosystem of the country and aid in their future growth. Floods are one of the most common natural disasters in India. Identifying key states, the government has taken strong steps towards flood mitigation. As systemic risks of floods get mitigated over time through various measures like flood-controlled structures, it will aid insurance companies in underwriting the risks related to liability and property insurance better going forward. New assessment model for MSME credit and announcement of credit guarantee scheme will also foster better insurance collaboration with lending companies and aid in better assessment of risks.

    From an ancillary benefits point of view, the government’s proposal to boost domestic tourism and unlock economic potential of key destinations will have an ancillary impact on travel insurance as well and boost its uptake as bite-sized travel insurance products will likely become part of travellers’ planning. The government’s aim to prioritise agriculture research and developing climate-resilient varieties of 32 field and horticulture crops will also have an ancillary effect on the crop insurance segment as losses over medium- to long-term will likely reduce from loss of crop due to climate-related incidents. The Finance Minister’s financial sector vision and strategy document will also be another keenly watched policy by the BFSI sector to garner better insights on the agenda planned by the government for the remaining decade.”

    Quote on MSME Support from Mr. Manish Aggarwal, CEO & Founder, FINQY

    “We welcome the key announcements made in the Budget 2024-2025 presented by Finance Minister Nirmala Sitharaman. The introduction of the MSME credit guarantee scheme for collateral-free loans and the doubling of the MUDRA loan scheme to Rs 20 lakh marks a significant positive development. These measures will facilitate easier access to capital for the MSME sector, fostering favorable conditions ahead. The allocation of Rs 10 lakh crore for the Prime Minister’s urban housing plan is commendable. Encouraging states to reduce stamp duties is a positive development for aspiring homeowners, as lower stamp duties will make homeownership more affordable and stimulate the housing market. In my view, these initiatives will also significantly boost the home loan industry as a beneficial side effect. We also welcome the abolition of the 30% Angel Tax for all investor classes. This move will encourage more angel investors to support startups, fostering innovation and growth in the startup ecosystem.”

    Quote on Startup Ecosystem from Mr. Ankur Mittal, Cofounder, Inflection Point Ventures
    “While we have to still read the complete change on the abolishment of angel tax but on the face of it, this action has the ability to bring lot of regulatory clarity which generally is appreciated by the investor communities across the world. This should help founders looking to raise capital both in domestic and international markets.”
    Quote on Infrastructure from Mr. Subahoo Chordia, Head – Real Assets Strategy, Edelweiss Alternatives
    “The government has maintained its allocation towards infrastructure sector at INR 11+ lakh crores (i.e. 3.4% of GDP) and additional interest free loan of INR 1.5 lakh crores to States will be a booster for the infrastructure segment. The budget has lent further emphasis to multiple infrastructure segments towards development of roads, airports etc. Further, industrial parks, to service 100+ cities and development of 12 specific industrial parks under national schemes is envisaged. The Government has lent further weight in its fight against climate change. The fiscal incentives for rooftop solar and pumped storage will enhance energy security and availability. Further indirect tax incentives towards renewable energy items and critical minerals such as lithium, copper bodes well for the segment. Overall the budget maintains its focus on long term growth and sustainability and is positive towards infrastructure segments.”
    Quote on Fiscal Prudence from Mr. Deepak Ramaraju, Senior Fund Manager, Shriram AMC
    “The budget has not been a big bang budget in terms of announcements or reforms. The government has tried to strike a balance between social reforms, growth, fiscal prudence and coalition partners. Special packages to Andhra Pradesh and Bihar have been provided in terms of industrial corridors, infrastructure push and financial support for key projects. This ensures the continuity of the coalition. The fiscal prudence is improved and the fiscal deficit is reduced to 4.9% of the GDP from 5.1%. The borrowing is pegged to Rs 14 L Cr which is less than last year. This is positive for the overall economy. Hike in short-term capital gains and long-term capital gains have been sentimentally negative for the equity markets. This has resulted in short-term selling pressure. However, this can be the beginning of reforming the capital markets and curbing retail participation in the F&O segment. We can expect more measures in the F&O space in the days to come. On the growth and social agenda, the government has clearly articulated the focus areas like agriculture, employment, skilling, infrastructure, inclusive social growth, manufacturing, infrastructure, urbanization, innovation and next-gen reforms. The budget spending in the years to come will keep adding to these focus areas.”
    Sangram Baviskar, Managing Director, Real Estate Practice, TruBoard Partners
    “The Union Budget’s emphasis on infrastructure, skilling, and rural development sets the stage for broad economic growth, which typically translates to a thriving real estate market. The allocation for rural development and the focus on building smart cities will significantly enhance real estate opportunities across urban and rural areas. Additionally, the introduction of new schemes for affordable housing will drive demand in the real estate sector, making homeownership more accessible to a broader population. Overall, these initiatives will contribute to a robust and resilient real estate market, fostering economic growth and development.”
    Uday Chawla, Managing Partner, TRANSEARCH India
    “We welcome the Budget 2024-25 as a people-friendly and pro-development budget. This year’s budget has paved the way for India by focusing on employment and skilling opportunities. We appreciate the various initiatives announced by the Honourable Finance Minister, focusing on the nine critical priorities—ranging from productivity and resilience in agriculture to next-generation reforms—demonstrating a comprehensive approach to fostering sustainable growth and development. For future leaders, these priorities offer a robust foundation to build upon and will create dynamic opportunities for innovation and leadership in these vital sectors. We believe that the budget, along with conducive policies and regulatory reforms, will facilitate research and development, and foster a culture of innovation, across sectors. With increased investment, the budget is poised to enhance employment opportunities and spur rising demand, especially for skilled leadership in these sectors.”
    Conclusion:
    Budget 2024-2025 sets a clear path towards economic stability and inclusive growth. By addressing critical issues such as employment, rural economic stress, and grassroots development, the budget aims to uplift the underprivileged and create a more balanced economic environment. The feedback from financial experts highlights the potential of these measures to foster long-term economic health and support the overall growth trajectory of the country. As the government implements these initiatives, the collaboration and support of various stakeholders will be crucial in realizing the vision of a resilient and inclusive India.
    The article was curated by Prittle Prattle News as an industry story feature.
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  • Union Budget 2024-2025: A Comprehensive Boost to Housing and Urban Development

    Industry Leaders Commend Budget’s Focus on Affordable Housing, Job Creation, and Infrastructure

    The Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman, has garnered significant attention for its multifaceted approach to urban development, job creation, and economic growth. The budget emphasizes the government’s commitment to making housing more affordable, enhancing infrastructure, and supporting key sectors through strategic investments and policy reforms. Industry leaders from various sectors have praised the budget’s initiatives, highlighting its potential to drive economic prosperity and improve the quality of life for millions of Indians.

    Mr. Prashant Sharma, President, NAREDCO Maharashtra, commented, “We commend the Union Budget 2024-25 for its comprehensive approach towards job creation and boosting consumption, which are positive developments for the real estate sector. The Finance Minister’s announcement of a PM Package with five schemes focused on employment and skilling, with an allocation of Rs 2 lakh crore, and a significant provision of Rs 1.48 lakh crore for education, employment, and skilling, is a welcome move. These initiatives will undoubtedly create a ripple effect, enhancing the economic landscape and increasing demand for residential and commercial properties.”

    Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI, shared his insights, “We wholeheartedly welcome the Finance Minister Nirmala Sitharaman Union budget 2024-25 which reflects market expectations, promoting an atmosphere conducive to economic growth. The budget emphasizes the needs and aspirations of the Garib, Mahilayen, Yuva, and Annadata, highlighting the government’s primary priorities, and we applaud the government for the same. Keeping Viksit Bharat in mind, the Finance Minister mentioned urban development and infrastructure among some of the key focus areas of the government. An outlay of 10 lac crore for urban housing under PM Awaas Yojana is a welcome move as it will give a significant boost in providing housing across major cities in the country. With a huge shift in the population moving from rural to urban areas, this move will immensely benefit in providing a roof over the head of our urban population.”

    Mr. Vedanshu Kedia, Director, Prescon Group, remarked, “We are pleased with Finance Minister Nirmala Sitharaman’s budget for 2024-25, which addresses the aspirations and needs of both urban and rural India. Key focuses include urban development and infrastructure under Viksit Bharat. The budget includes a reduction in stamp duty for women buying houses to encourage their participation in property ownership. States with high stamp duty rates have been encouraged to moderate them, with further reductions considered for properties bought by women. The increase of LTCG (Long-Term Capital Gains) for equities will have a spillover effect as money will now start chasing property investments that provide more stable returns. The provision for central government assistance to state governments who are focusing on infrastructure development will bore well for the real estate industry.”

    Mr. Rohan Khatau, Director, CCI Projects Private Limited, commented, “This was a good budget for the real estate sector presented by the Finance Minister Nirmala Sitharaman which echoed the sentiments of the industry and home buyers. The government’s 2.2 lakh crore initiative under the PM Awas Yojana-Urban, aims to enhance housing affordability for one crore families, reflecting a sincere commitment to inclusive urban growth over the next five years.”

    Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers, noted, “The Union Budget 2024-25 announced by Finance Minister Nirmala Sitharaman is a promising step towards holistic development, with a keen focus on employment, skilling, and infrastructure, which are crucial for the real estate sector. The emphasis on women-led development, with an allocation of more than Rs 3 lakh crore for schemes benefiting women and girls, reflects a progressive vision for inclusive growth. The encouragement for states to moderate high stamp duty rates and the proposed reductions for properties purchased by women are commendable. These measures will not only make property transactions more affordable but also promote gender inclusivity in property ownership.”

    Mr. Samyak Jain, Director, Siddha Group, appreciated the government’s focus on housing affordability, “The government’s interest subsidy scheme for urban housing is a positive step towards making home ownership more accessible. The PM Awaas Yojana for one crore poor and middle-class families with central assistance of 5 years will not only push the real estate market but also stimulate all other industries which are indirectly co-related with the real estate market.”

    Mr. Himanshu Jain, VP – Sales, Marketing & CRM, Satellite Developers Private Limited (SDPL), emphasized the budget’s positive impact on the sector, “The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, reflects the Modi government’s focus on youth and its commitment to job creation and boosting consumption, which are positive developments for the real estate sector. The significant push of ₹2.2 lakh crore under the PM Awas Yojana-Urban to make housing more affordable is a commendable initiative that will cater to the housing needs of one crore poor and middle-class families. This substantial investment of ₹10 lakh crore over the next five years is expected to stimulate demand and drive growth in the real estate market.”

    Impact on the Urban Housing Sector

    “We look forward to welcoming the points on the urban housing sector from FM Shrimati Nirmala Sitharaman’s first Union Budget 2024-2025 of Modi 3.1. We appreciate the steps taken by this year’s Union Budget 2024-2025 in the housing market. Listed as Priority 5, FM Sitharaman spoke on services for 100 large cities for urban development. In addition, the government has allotted ten lakh crore rupees for one crore houses for the urban poor. These are advanced and modern policies for ensuring that all people have adequate shelter, a basic need of human life.

    The government has also slashed stamp duty for women, which will now empower more women to become homeowners, giving them freedom and power to take control of their own lives. This reflects the third pillar of the Viksit Bharat scheme, with power being given to Mahila (women) for all-encompassing equitable development.”
    — Mr. Prashant Sharma, President, NAREDCO Maharashtra

    Empowering Women and Advancing Urban Housing

    “We look forward to welcoming the points on the urban housing sector from FM Shrimati Nirmala Sitharaman’s first Union Budget 2024-2025 of Modi 3.1. We appreciate the steps taken by this year’s Union Budget 2024-2025 in the housing market. Listed as Priority 5, FM Sitharaman spoke on services for 100 large cities for urban development. In addition, the government has allotted ten lakh crore rupees for one crore houses for the urban poor. These are advanced and modern policies for ensuring that all people have adequate shelter, a basic need of human life.

    The government has also slashed stamp duty for women, which will now empower more women to become homeowners, giving them freedom and power to take control of their own lives. This reflects the third pillar of the Viksit Bharat scheme, with power being given to Mahila (women) for all-encompassing equitable development.”
    — Mr. Dhaval Barot, MD & CEO of Bharat Realty Venture Pvt Ltd

    Job Creation and Economic Boost

    “We commend the Union Budget 2024-25 for its comprehensive approach towards job creation and boosting consumption, which are positive developments for the real estate sector. The Finance Minister’s announcement of a PM Package with five schemes focused on employment and skilling, with an allocation of Rs 2 lakh crore, and a significant provision of Rs 1.48 lakh crore for education, employment, and skilling, is a welcome move. These initiatives will undoubtedly create a ripple effect, enhancing the economic landscape and increasing demand for residential and commercial properties.

    The government’s commitment to making housing more affordable, with a Rs 2.2 lakh crore push under the PM Awas Yojana-Urban, is a significant step forward. Addressing the housing needs of one crore poor and middle-class families with an investment of ₹10 lakh crore, including central assistance of ₹2.2 lakh crore over the next five years, reflects a robust and inclusive approach to urban development.

    The proposal to encourage states to moderate high stamp duty rates and consider further reductions for properties purchased by women is a progressive measure. Incorporating these as essential components of urban development schemes will promote greater inclusivity and accessibility in the housing market.

    The GST reforms, which have eased compliance and reduced tax burdens, have been instrumental in driving economic growth. The proposed rationalization of the tax structure, coupled with the new tax regime changes, including the increased standard deduction, will further benefit the salaried class and boost disposable income, positively impacting housing demand.

    The sanctioning of 12 industrial parks under the National Industrial Corridor Development Programme, the facilitation of rental housing with dormitory-type accommodation for industrial workers in PPP mode, and the formulation of transit-oriented development programmes for 14 large cities are strategic moves that will enhance urban infrastructure and support industrial growth.

    With significant infrastructure investments continuing over the next five years, including a provision of ₹11,11,111 crore for capex, we anticipate a multiplier effect that will drive private investment in infrastructure. The introduction of a market-based financing framework and simplified rules for Foreign Direct Investments will further facilitate economic growth and stability.

    Overall, the Union Budget 2024-25 is a forward-looking and balanced approach towards Viksit Bharat that addresses key areas of employment, housing, urban development, and economic growth. We at NAREDCO Maharashtra look forward to the positive impact these measures will have on the real estate sector and the overall economy.”
    — Mr. Prashant Sharma, President, NAREDCO Maharashtra

    Aaditya Sharda, Co-founder, Infra.Market

    “The Union Budget 2024-25 emphasizes infrastructure and urban development, offering significant opportunities for startups and construction companies through increased capital spending and support for state and private investments. Initiatives like ‘Cities as Growth Hubs’ pave the way for startups to innovate and contribute to India’s growth. The abolishment of the Angel tax for all investors will strengthen the startup ecosystem, boost entrepreneurship, and spur innovation across sectors. The budget’s overall direction sets a positive tone, and government initiatives to support MSMEs, including a credit guarantee scheme and a digital footprint-based credit assessment model, align with efforts to enhance infrastructure development and urban growth. At Infra.Market, we look forward to leveraging these opportunities to drive innovation in urban development and contribute to India’s transformative journey.”

    Support for Economic Growth and Inclusivity

    “We wholeheartedly welcome the Finance Minister Nirmala Sitharaman Union budget 2024-25 which reflects market expectations, promoting an atmosphere conducive to economic growth.

    The budget emphasizes the needs and aspirations of the Garib, Mahilayen, Yuva, and Annadata, highlighting the government’s primary priorities, and we applaud the government for the same. Keeping Viksit Bharat in mind, the Finance Minister mentioned urban development and infrastructure among some of the key focus areas of the government.

    An outlay of 10 lac crore for urban housing under PM Awaas Yojana is a welcome move as it will give a significant boost in providing housing across major cities in the country. With a huge shift in the population moving from rural to urban areas, this move will immensely benefit in providing a roof over the head of our urban population. The government has announced a Rs 2.2 lakh crore initiative to enhance housing affordability: Through the PM Awas Yojana-Urban, the housing requirements of one crore economically disadvantaged and middle-class families will be met, supported by an investment of ₹10 lakh crore. This comprehensive plan includes ₹2.2 lakh crore in central assistance over the next five years.

    The 2.66 lac crore allocation for rural development and infrastructure will benefit people in rural India to become self reliant and uplift their living standards. This will discourage them from moving into urban areas and encourage overall development of the country.

    Rental housing with dormitory type accommodation for industrial workers has been proposed under the PPP model. This is a step in the right direction, as it will provide affordable housing options for the industrial workers, who are at the bottom of the housing pyramid.

    The Finance Minister stated that stamp duty for women buying a house has been lowered. This will encourage women to come forward and empower them in the home buying process.

    The Finance Minister highlighted ongoing significant infrastructure investments, set to continue over the next five years. This year, ₹11,11,111 crore has been allocated for capital expenditure, amounting to 3.4% of GDP. States will be encouraged to match this scale of support based on their priorities. Private investment in infrastructure will be encouraged through Viability Gap Funding and a new market-based financing framework.

    The Union Budget 2024-25 embodies a progressive strategy aimed at addressing crucial sectors while propelling the nation towards a more sustainable and promising future.”
    — Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Vice President, CREDAI-MCHI

    AltGraaf Jayaprakash, K, Chief Growth Officer, AI Growth Limited (Parent company of altGraaf):
    “We are delighted by the abolition of angel tax. This will boost investments in the startup ecosystem and create jobs. The government’s move towards parity in taxation between financial and non-financial assets, coupled with credit boosts to the MSME sector and corporate tax rate reductions, promotes job and economic growth.”
    Ravi Kaushik, Executive Director, Head of Asia Investments, Flourish Ventures:
    “This is a very progressive step in the right direction by the finance minister. This will not only open up opportunities for startups to freely raise capital from India’s thriving middle class but also significantly reduce disputes and tax uncertainties. We wholeheartedly welcome this step.”
    Mr. Prem Kumar Vislawath – CEO and Founder, Marut Drones:
    “The allocation of ₹1.52 lakh crore for agriculture and allied sectors by the finance minister underscores a pivotal commitment to bolstering India’s agricultural resilience. The emphasis on developing climate-resistant varieties and introducing 109 new high-yielding varieties is a forward-looking stride towards sustainable agriculture. Exempting lithium imports from customs is a bold step demonstrating India’s commitment to strengthening the drone manufacturing sector.”
    Mr. Ankit Gupta, Director, Ledure Lightings:
    “By prioritizing the manufacturing sector and introducing a scheme that supports first-time employees through EPFO contributions, the government is not only addressing immediate employment needs but also laying a strong foundation for long-term growth. The allocation of ₹1.48 lakh crore for education, employment, and skilling further emphasizes the government’s dedication to these critical areas.”
    Ms. Sanjana Desai, Executive Director, Mother’s Recipe:
    “The proposal to abolish the angel tax for all classes of investors will significantly bolster the entrepreneurial spirit and support innovation within our industry. Additionally, the increase in the standard deduction for salaried employees will enhance consumer purchasing power, which is beneficial for our brand as it may lead to increased demand for our products.”
    The Union Budget 2024-2025 sets a promising trajectory for India’s urban development and economic growth. By addressing the critical needs of housing, infrastructure, and job creation, the budget lays a solid foundation for a more inclusive and prosperous future. The positive reception from industry experts underscores the budget’s potential to transform key sectors and uplift the socio-economic landscape of the nation. As the government rolls out these initiatives, the collaborative efforts of various stakeholders will be crucial in realizing the vision of a ‘Viksit Bharat.’
    The article was curated by Prittle Prattle News as an industry story feature.
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