Mrinaal Mittal, Director, BlackTeak Realty said that “Based on my preliminary reckonings of the 2023 Budget, the real estate industry has been treated as-is, not much benefit given to real estate sector either developers or customers. The sector is bound to benefit indirectly from the focus on infrastructure development, particularly urban infrastructure. This fraternity also benefits indirectly from the decrease in individual tax outlays. A bigger budget under the PMAY for affordable housing, which is 65% higher than last year, will boost this segment of real estate. The net yield to REIT (Real Estate Investment Trust) investors has decreased as a result of changes to the taxation of REITs and InvITs (Infrastructure Investment Trusts), which include distributions made to repay debt as taxable income. The capital investment outgoing witnesses a sharp incline of 33% up to Rs 10 lakh crore and this will comprise 3.3% of the nation’s GDP. This outlay is three times of the same made in 2019. Overall a rather underwhelming treatment and tepid measures for the real estate fraternity”
