Budget 2025 Expectations| Looking forward to govt further strengthening the real estate sector, says Otis India president Sebi Joseph

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

The real estate sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping the fingers crossed regarding their expectations from the government's most important financial document of the year.

Here's what Sebi Joseph, President, Otis India has to say--

The Indian real estate sector has witnessed an unprecedented boom in recent years. From the Pradhan Mantri Awas Yojana to Smart Cities Mission, government initiatives have catalysed a transformation, making India one of the most dynamic real estate markets globally.

As we look towards the Union Budget 2025-26, we anticipate that the government will continue to build on this momentum through more forward-thinking measures to further strengthen the real estate and infrastructure sectors, with a special focus on localisation and sustainability.

A budget that introduces strategic steps such as targeted investments, substantial tax reliefs, enhanced funding mechanisms, robust infrastructure initiatives - and that pushes for sustainable developments - would provide the much-needed impetus to developers for building homes across all segments, including luxury housing and affordable housing, thus ensuring a balanced growth trajectory and contributing to achieving the vision of a ‘Viksit Bharat’ by 2047, transforming India into a global leader in infrastructure and responsible urbanisation. 

For the elevator and escalator industry, such a focus would present great avenues for growth in 2025 and beyond. 

With a surge in infrastructure projects, including smart cities, metro systems, and high-rise buildings, the vertical transportation industry is poised to be the backbone of India’s growing urban landscape. 

Furthermore, we are also contributing to the localisation of production and creating a self-reliant supply chain within the country. By marrying the growth of India's urbanisation with innovation in elevators and es

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. 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.