South-Central Mumbai Sheds 10% Unsold Inventory in One Year


Every year from the Union Budget real estate is one sector which always has high expectations from the finance minister. Through this budget the government has given the indication that they are committed towards bringing transparency in the real estate sector and improving ease of business.

Some of the key takeaways for the sector were the announcement of a 48, 000 cores investment plan under the PMAY to build 80 lakh houses. The government also announced the construction of 25, 000 kms new national highways. Their aim is to create 6 million new jobs over the next 5 which will help the real estate sector. Another positive move was giving infrastructure status to date centres. The estrade connected with business leaders to get their reactions on Budget.

Irfan Razack, Chairman and Managing Director, Prestige Group
Irfan Razack, Chairman and Managing Director, Prestige Group

“Union budget 2022 holds a visionary & ambitious sentiment. Its allocated a substantial thrust towards infrastructure development, urbanization, agriculture and digitization which will help in overall economic growth including employment generation. The prices of steel industry and import of raw materials remains unchanged which will provide the much required relief and impetus to the real estate and ancillary sectors. The forward looking outlook/perspective has recorded a positive reaction from the market and is likely to aid the upswing in property buying too”.


Vimal Nadar, Head of Research, Colliers India
Vimal Nadar, Head of Research, Colliers India


“The budget announced a few laudable incentives for startups. The period of incorporation has been extended by a year to March 2023 to avail of tax benefits. For corporates, extension granted for new companies to set up manufacturing facilities to 2024 from earlier 2023. These will provide a breather for start-ups and encourage more start-ups in India. India is becoming the hub for entrepreneurship, with India’s start-up story growing from strength to strength. Around 14,000 start-ups were recognized during the financial year 2022, with about 555 districts in India had at least one new startup. We are already seeing ample evidence of the start-up activity in the commercial office space. During 2021, in the top three cities of Delhi-NCR, Mumbai and Bengaluru, start-ups leased about 2.2 million sq feet of space during 2021, a 56% rise from 2020”.

Sudarshan Lodha, CEO & Cofounder, Strata Property Management
Sudarshan Lodha, CEO & Cofounder, Strata Property Management

With real-estate encompassing for a huge chunk of LTCG, capping long term capital gains surcharges to 15 percent would encourage real estate investors to lock in their investments for a longer period, helping them maximize their gains. This will go a long way to accelerate the pandemic slowed real estate investments. Additionally introducing state partnerships in SEZ development hubs and scraping of SEZ Act would encourage businesses to stay longer driving growth and stability.

Also extending tax concessions for startup community would help them revive their operations from the aftershock of pandemic The budget has laid out a host of measures offering huge push to the infrastructure segment which will play a catalytic role in driving consumption, urbanisation, creating employment opportunities and thereby reviving growth in the aftermath of the pandemic. All in all it is an extremely futuristic budget with adequate focus on economic revival and growth.”

Mr. Rohan Khatau, Director, CCI Projects Pvt. Ltd. – Rivali Park
Rohan Khatau, Director, CCI Projects Pvt. Ltd. - Rivali Park

“The Union Budget for the fiscal year 2022 is quite robust and centered around the nation’s progress, with a focus on increasing economic efficiency and infrastructure growth.  PM Awas Yojana’s new development will augment buying of affordable housing across India, strengthening the real estate sector. The GatiShakti master plan will lead to transformation of key infrastructure – roads, railways, airports, ports, mass transport, waterways and logistics. Identification of 80 lakh households for the affordable housing scheme and infrastructural boost through a focus on “digital and technology” will lead to economic and sectoral advancement and amplify the standard of life exceptionally in coming years.”

Manas Mehrotra, Founder, 315Work Avenue

 Manas Mehrotra, Founder, 315Work Avenue


The Union budget 2O22 seems expansionary in nature that promises economic growth and entails strengthening of infrastructure. It has predominantly focussed on revitalizing the rural economy which is a good move and this will act as a boost to the economy and increase demand in tier-2 and tier-3 cities as well. Extending tax incentive scheme by one more year to start-ups is a welcome move, and it is likely to further encourage innovations and growth that the startup ecosystem is delivering. As most of our clientele fall under this scheme, they can plan their cash flow well with this tax exemption benefit.  However, the budget did not have any specific measures for the coworking sector to enable its higher growth be it lower TDS, special tax incentive, etc to enable us to provide the real estate solutions at even economical rates.

The post lockdown scenario is bringing in a wave of new opportunities for the coworking players as companies seek out alternative options to reduce costs and capital expenditure. Amidst this new normal, the flexible co-working industry has become more relevant than ever for companies to suit their organizational requirements. As per a recent report, the market size of coworking spaces is expected to double over the next five years at a compound annual growth rate (CAGR) of 15 per cent. Overall the coworking sector, which is now the new mantra for companies, was further expecting improvement in the ease of doing business. Going forward, we hope that the government looks at addressing regulatory concerns and encourage more coworking firms to open up through a series of both financial and non-financial incentives.


Sandeep Runwal – President, NAREDCO Maharashtra and Managing Director, Runwal Group |
Mr. Sandeep Runwal - President, NAREDCO Maharashtra and MD, Runwal Group


”For the first time the Finance Minister has sought to transform the real estate sector by bringing in transparency and efficiency in the business. This will help to reduce the cost of transaction and will ultimately benefit the homebuyers.

The Government’s plan to launch ‘Ease of Doing Business 2.0′ is a step in the right direction and it’s continuous efforts to promote the same along with digitization will help the economy and the real estate sector business going forward. Single Window clearance mechanism too will go a long way in improving ease of doing business in India.

This should include more dynamic aspects and make India a more investment friendly destination. As anticipated, it’s a very futuristic budget focusing on economic recovery benefitting from public investment and capital spending.”


Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory 
Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory

“The budget’s resolute focus on infrastructure will certainly aid the real estate sector growth trajectory. The impetus given to road infrastructure through the new 25,000 km National Highway network will offer new momentum for the sector by opening a new market in tier-2 and tier-3 cities. The allocation of INR 48,000 crore for PMAY Urban and Rural will push the affordable housing segment.

The move to appoint a high-level panel for urban planning and designating the five existing academic institutions as the Centre for Excellence for urban planning with endowment fund of Rs 250 crore will prove pivotal for the real estate sector as both the emerging urban landscape and decaying city infrastructure need a complete overhaul. The emphasis on promoting the use of public transport in urban areas is futuristic, considering the traffic and pollution scenario in all metro cities.

Jaatin Suratwala, Founder & MD, Suratwwala Business Group Ltd
Jaatin Suratwala, Founder & MD, Suratwwala Business Group Ltd. 

“The Union Budget of 2022-2023 has come during times of uncertainty. The pandemic is obviously on its way out but the tail seems as unpredictable as the head two years back. Because of it, unemployment has reached unprecedented levels with an overall slowdown and has brought with it massive inequalities in income and wealth besides pushing even the middle class into absolute poverty.

The realty sector and its buyers had certain expectation from the budget, namely. For homebuyers, it was expected to get more tax sops and higher relief on home loan rates + relief on a second home. In the tax sops, the specific areas were standard deduction to increase cash available to buyers and relief on long-term capital gains besides minimum tax rebate of Rs 5 lakh as against the current limit of Rs 2 lakh.

For developers, it meant a rational capital flow source to keep up the work process + relief on GST (a single slab, relaxation in under-construction realty, and reduction in taxes on key raw materials) to reduce overall property cost and push demand. It also included granting industry status to the overall real estate sector and having a single window system.

Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company


Lincoln Bennet Rodrigues, Chairman & Founder, The Bennet and Bernard Company

While the government has not announced any significant policies pertaining to real estate, its commitment towards boosting affordable housing & infrastructure remains intact. Focus on the construction of 80 lakh homes in FY23 under the PM Awas Yojna would definitively enable a huge number of home buyers to go in for property purchase. The increase in infra Capex outlay works well with ambitious plans to enhance urban planning and capacity-building across several mega-cities which will boost the real estate sector.

The government’s strong focus on job creation will also enable the growth of residential real estate across the country. However, we believe that the budget could have provided a stronger impetus for recovery and growth in the real estate sector. We are hoping for more in the coming days, with many of the key concerns still having not been addressed in the Budget.

We are hopeful that recommendations from the real estate sector will be addressed as soon as possible. As the sector is one of the biggest contributors to the nation’s GDP, strengthening the sector will also boost the allied economic activities, thereby bringing a positive turnout to the economy as a whole. To sustain the positive outlook of the real estate sector, we are hopeful that the government will usher in various tax benefits and policies in the near future.


Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, Treasurer, CREDAI MCHI
Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, Treasurer, CREDAI MCHI


“The Government has once again laid an emphasis on infrastructure in the Union budget announced today. Infra spending in PPP mode seems to be the thrust of the Union Budget 2022. The Budget made several announcements to spur the growth of the infrastructure sector in the country that includes the announcement of 25,000 km of new highways, Gati Shakti Masterplan for expressways, 100 new cargo terminals for multi-nodal logistics, and development of urban metro systems.

This will propel the growth of the real estate sector and will also help drive demand for the warehousing and logistics sector across the country. The Government also extended the ECLGS up to March 2023. This will go a long way in supporting the MSME sector and revive industrial activity.

Mr. Jitesh Lalwani, President, HomeSync Real Estate Advisory
Jitesh Lalwani, President, HomeSync Real Estate Advisory


”Finance Minister Nirmala Sitharaman presented a growth-oriented Budget by hosting several measures to encourage leading sectors of the economy. Looking at the medium and long-term goal for the overall economy, it seems a desirable budget where the efforts will be made to increase private capital in the infrastructure sector.

The announcement of 25000 kms of new highways along with Gati Shakti Masterplan for Expressways will pull forward the economy and will lead to more jobs and opportunities for the youth. In a boost to affordable housing, FM announced Rs 48,000 crore towards the Affordable Housing Scheme (PMAY) and will build 80 lakh homes for identified eligible beneficiaries, and identify eligible beneficiaries for 60,000 houses under PMAY in rural and urban areas that will directly support the Government’s mission of Housing For All.

Although, the real estate sector was further eyeing sops such as relaxation in GST on under-construction properties, a reduction of GST on key raw materials, a higher interest exemption for homebuyers and above all, the long-awaited demand of granting ‘infra’ status to the sector; there were a few big announcements which will augur growth across the major sectors of the country.”


Shraddha Kedia-Agarwal, Director, Transcon Developers
Shraddha Kedia-Agarwal, Director, Transcon Developers

”As anticipated, in today’s Budget 2022, Union Finance Minister Nirmala Sitharaman addressed the nation with the overall focus on national infrastructure development that will act as a catalyst to growth.

It was a neutral budget where FM talked about rolling out the next phase of ease of doing business and ease of living. Besides, there were various implementations of reforms to boost digitization that might grab some attention from the NRIs to invest in the housing sector from around the globe. However, the major announcements on the economic front will surely benefit the overall GDP of the country in the near future.”

Bhushan Nemlekar – Director, Sumit Woods Limited
Bhushan Nemlekar - Director, Sumit Woods Limited 

 ”The real estate sector had high hopes from the Budget 2022. Although the focus of the Union Budget 2022 was on overall economic development, the only thing to cheer for the real estate industry was the budget allocation of Rs 48,000 crore for the PM Awas Yojna. In urban and rural areas, 80 lakh houses will be constructed for identified beneficiaries for affordable housing under the PM Awas Yojana and 60,000 houses will be identified as beneficiaries.

Also the Government has given a lot of importance on urban planning by showing it’s desire to set up a high-level committee for urban planners and economists. This will lay a foundation for Tier 2 & Tier 3 cities to transform into centres of economic growth. It is undoubtedly a progressive budget especially with its emphasis on building infrastructure for the country.”


Ramani Sastri – Chairman & MD, Sterling Developers Pvt. Ltd
Ramani Sastri - Chairman & MD, Sterling Developers Pvt. Ltd

Despite the fact that the real estate industry was expecting a number of immediate demand-side pushes for the sector, some significant opportunities were missed. However, the push to infrastructure spending and sops for affordable housing have kept the sector hopeful of positive changes. While affordable housing continued to remain a priority area for the government with few additional reforms, the government could have given further boost to overall real estate which fuels the Indian economy and supports over 250-allied industries.

There is a huge opportunity in real estate that would enable faster economic recovery. The real estate sector has started showing signs of recovery after the pandemic disruption. However, it requires careful support from the government in order to sustain the recently-achieved growth momentum. There are currently several grey areas when it comes to schemes, taxation, funding and others where the government should provide a helping hand going forward. It is imperative for the government to pay special attention to the real estate sector and have provisions for its well-being in the near future.


R K Arora, Chairman, Supertech Ltd


Government has treaded a line of fine balance to lead the economy to high GDP growth rate by investing in infrastructure sector, yet keeping the fiscal deficit within manageable limits. In the backdrop of ambitious ‘housing for all’, PMAY has been given due importance, however largely through Government’s flagship programmes rather than the incentives real estate development companies were hoping for.

Amit Goyal, CEO, India Sotheby’s International Realty

The Union Budget has laid out a long term path of growth and investment with an enhanced total expenditure at INR 39.45 trillion and yet managed to curtail Fiscal deficit to 6.4% in FY 23 (from 6.9%). The Budget has allocated INR 48,000 cr to housing projects under PM housing scheme.

However, no big reforms or incentives were announced for the real estate sector. It’s a missed opportunity for the real estate sector as incentives in the form of higher deductions against home loans, changes in incongruities related to real estate transfer and others might have improved the market scenario and triggered the demand and sales process in the real estate sector. Real estate sector being a major contributor to India’s GDP needs more focus from the government.

Saransh Trehan, MD, Trehan Group

Finance Minister Nirmala Sitharaman’s historic budget is an optimal blend of optimism and realism which will take the country to a higher growth trajectory. May it be agriculture, infrastructure or any other sector, the budget has laid down a clear roadmap for New India and a prosperous Bharat.

Suren Goyal, Partner, RPS Group

Finance Minister Nirmala Sitharaman deserves congratulations for pulling all the right strings in her budget. The emphasis on the infrastructure sector will boost growth in the medium to long term and will help the country in maintaining its position as the fastest growing major economy in the world. Revamping of SEZ Act will also assist in the growth of the economy

Puneet Chandra, Co-founder & director, Skootr. 

“The budget 2022 provided a strong ground for the country to move towards the goal of making India Atmanirbhar and effectively come out of the shadows of COVID-19. Along with cultivating infrastructural and industrial growth in India, the Gati Shakti Yojna will escalate economic prosperity. Proposal of tax incentive for start-ups is a positive step and will give boost to the sector considering these sectors helps in generating wealth and providing employment opportunities.

The commercial office real estate has been a prospering investment class in India. The office spaces which have been the most impacted sector due to the work from home scenario could have been recognized in this budget, reduction in stamp-duty duty for commercial real estate, offering single-window clearance and reduced GST on leasing would have helped in the market recovery.”


Shrikant Shitole, President - CREDAI MCHI-KDU & MD- Tycoons Group
Shrikant Shitole, President – CREDAI MCHI-KDU & Managing Director – Tycoons Group

“The PM Awas Yojana has allocated Rs. 48,000 crore for the housing sector. In the fiscal year 2022-23, around 80 lakh houses are expected to be built under the affordable housing scheme. This move will certainly boost the real estate and housing sector. Besides this, in the Union Budget 2022-23, we were also expecting announcements on certain schemes such as relaxation in GST on under-construction properties, pricing of key raw materials and the limit of home loan interest for tax rebate to be raised to Rs. 5 lakh from Rs. 2 lakh.”


Ram Walase, MD & CEO, VBHC
Ram Walase, MD & CEO, VBHC

“We are happy with the Budget. The Finance Minister has allocated Rs 48,000 crore for affordable housing, which could facilitate development of 80 lakh homes in 2023. Besides, single-window environmental approvals, better co-ordination between the Centre and states for approval processes and uniform registration of deeds will help boost the affordable housing market. More importantly, the larger allocation to capital investments would enable long term growth momentum for the economy.”

Aryaman Vir, Founder & CEO, MYRE Capital
Aryaman Vir, Founder & CEO, MYRE Capital

“Budget 2022 is highly growth-oriented that propels capital expenditure. The boost provided by the government on affordable housing will be beneficial to the continued housing demand post-COVID-19 and will also encourage prospective buyers to avail more benefits and invest in real estate. With the initiation of the PM Gati Shakti, there will be a rise in infrastructure developments which will gradually lead to growth in the commercial real estate sector and thus help in accelerating the economy as a whole.

This will also create more employment opportunities for the youth of the country. The step taken by the government for urban development also focusing on Tier 1 and Tier 2 cities will facilitate businesses to expand across the country and rise to match the vision of a developed economy.”