On 1st February, the Finance Minister delivered her fifth Union Budget for the fiscal year of 2023-2024. 

She had announced many measures that would benefit the real estate sector.  

Some drawbacks prevailed where there were expectations of tax relief for the industry, but they were not included in the financial bill.  

But many other measures like more development are to be seen across the country with an expenditure of Rs. 10 lakh crores, attracting more investors and benefiting the real estate sector. 

She emphasised development and urban planning with the National Housing Bank overseeing the proposed Urban Infrastructure Development Fund (UIDF) in Tier 2 and Tier 3 cities, also benefiting the housing sector.  

The budget includes a commitment of Rs. 79,000 crores for Pradhan Mantri Awas Yojana (PMAY) houses. 

This year's budget also aims to upgrade 50 airports and ports and the expansion of National Highways to exceed 25,000 kilometres.  

Nuvoco Vistas Corp. Ltd. Managing Director Jayakumar Krishnaswamy said, "This budget represents a forward-thinking approach to long-term growth."