Budget 2024: Paving the path to a $1 trillion real estate industry

As a new fiscal year begins, we reflect on the transformative journey of $260 billion real estate sector.

As we stand at the cusp of a new fiscal year, it’s inevitable to reflect on the transformative journey that has propelled the real estate sector into the formidable $260 billion industry that it is today. The visionary policies and robust government support for infrastructure have played pivotal roles in this ascent. As the CEO of Integrow, a next-generation real estate investment platform, I am filled with optimism as I anticipate the upcoming Union Budget to continue fostering growth and bolstering investor appeal in the real estate industry. Here are some of my expectations from the Union Budget ‘24 for the real estate sector:

• Embracing Digital Transformation: One of the key pillars for the future success of the real estate sector lies in embracing digital transformation. The Digital India Land Records Modernization Program (DILRMP) has been a significant step in this direction, and I strongly advocate for its expedited implementation. This will help in achieving 100% digitization of land and property records, enhancing transparency and reducing bureaucratic bottlenecks and streamlining processes to attract more investors. A digital ecosystem adopted across the industry will streamline processes, reduce bureaucratic bottlenecks, and ultimately attract more investors to the sector.
• Renewed Emphasis on Smart Cities:The real estate industry is no stranger to challenges, and overcoming them requires a holistic approach. The government’s commitment to smart cities has been commendable, but I believe there is room for an increased emphasis on this mission. Beyond the fulfilment of investment commitments, a renewed focus on smart cities can revolutionise urban living and contribute to the industry’s growth. This entails not only enhancing existing cities but also laying the foundation for new ones. By doing so, we can foster job creation beyond the confines of metros, creating a ripple effect that propels the industry towards a balanced and sustainable economic growth trajectory.
• Policies for Inclusive Growth: In envisioning the future of the real estate industry, it is crucial to emphasise inclusivity. Policies that encourage investor participation and democratise real estate investments will contribute to a vibrant and inclusive landscape. This can be achieved through measures such as simplified investment procedures, tax incentives, and the promotion of real estate investment trusts (REITs), providing a diverse range of investors access to institutional-grade residential and commercial assets.

In conclusion, as we eagerly await the unveiling of the Union Budget, my optimism for the real estate industry’s continued positive trajectory remains unwavering. The hope is that our policymakers will seize this opportune moment to enact regulations that propel sectoral growth, boost investor confidence, and pave the way for a $1 trillion industry by 2030. The journey ahead is exciting, and with strategic policies, unwavering commitment, and collaborative efforts, the real estate sector can truly become a cornerstone of India’s economic success..  

Ramashrya Yadav, Founder and CEO, Integrow Asset Management, penned this piece for Business Today. 

Views are personal and do not represent the stand of this publication.