Union Budget 2025 Reactions | 'Strong and progressive for real estate sector,' says Ashish Puravankara, MD at Puravankara Ltd

'The tax exemption on notional rent for a second self-occupied home is a significant relief, encouraging investment in real estate. Coupled with a higher standard deduction, these measures will drive housing demand, particularly in the affordable and mid-segment categories,' he said.

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Finance Minister Nirmala Sitharaman tabled the much anticipated Union Budget for FY 2025-26 on February 1, which also marked a record 8th Budget presentation for the 65-year-old. In a major relief to the middle class, Sitharaman announced that there would not be any tax liability on income upto Rs 12 lakh for salaried persons under the new tax regime and raised the basic exemption from Rs 2.5 lakh to Rs 4 lakh.

Speaking on this front, Ashish Puravankara, Managing Director of Puravankara Limited, said, "The Union Budget 2025-26 is a strong and progressive one for the real estate sector, driving economic growth and urban transformation."

"The rationalisation of income tax slabs, raising the exemption limit to Rs 12 lakhs, revision of tax structure up to Rs 24 lakhs, and increasing rental TDS thresholds will boost disposable income. The tax exemption on notional rent for a second self-occupied home is a significant relief, encouraging investment in real estate. Coupled with a higher standard deduction, these measures will drive housing demand, particularly in the affordable and mid-segment categories."

"We welcome the Rs 1 lakh crore Urban Challenge Fund, which will spur housing and private sector participation. The Rs 15,000 crore SWAMIH Fund-2 will help complete 40,000 stalled units, boosting consumer confidence. Expanding UDAN’s connectivity to 120 destinations will drive Tier-2 market growth. With policy continuity and economic expansion, this budget reinforces real estate as a key pillar of India's $5 trillion economy journey," Puravankara added.

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Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.