The Andhra Pradesh government is forging ahead with various key projects, bolstered by timely support from the Center. Significant investments are being made, including 15,000 crores for Amaravati, 12,000 crores for the Polavaram project, 2,400 crores for infrastructure development, and 5,000 crores for an industrial corridor. The commitment of 40,000 crores towards metro projects in Visakhapatnam and Vijayawada underscores the government’s dedication to enhancing connectivity and urban development.

The state is embarking on a phased approach to completing these projects within a four-year timeframe, setting ambitious targets for progress. The recent focus on infrastructure and development projects is driving a new wave of excitement and optimism among the state government and its citizens.

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The government’s agenda includes not only finishing projects stalled due to funding issues in the past but also launching new initiatives to attract tourists from around the country and beyond. Minister for Municipal Administration and Urban Development, P Narayana, recently convened a meeting with officials from Visakhapatnam Metropolitan Region Development Authority (VMRDA) and Greater Visakhapatnam Municipal Corporation (GVMC) to discuss the roadmap for these projects.

During the meeting, Minister Narayana emphasized the importance of projects that directly benefit the residents of Visakhapatnam. He tasked officials with preparing detailed reports and proposals to ensure the successful implementation of the government’s vision. Key topics of discussion included building permits, road expansions, property protection, urban planning, and addressing unauthorized constructions.

The GVMC has already embarked on several projects under public-private partnerships, ranging from floating solar installations to flyover constructions aimed at easing traffic congestion. Additionally, plans are in motion to establish modern sports facilities to engage the city’s youth and promote a healthy lifestyle.

In line with environmental sustainability goals, the government is committed to setting up electric vehicle charging stations across the district to support the growth of e-vehicles and reduce pollution. The State government’s broader agenda encompasses the development of a revised master plan for 2047, sewage treatment plants, advanced water supply systems, and smart city initiatives to propel Visakhapatnam into a new era of urban excellence.

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The Union Budget 2024-25 acknowledges the challenges faced by different sectors. However, there are limited measures directly benefiting the real estate industry. Nevertheless, the proposed infrastructure projects and emphasis on the Pradhan Mantri Awas Yojana (PMAY) are expected to have a positive impact on the residential and commercial segments.

Key Points from the Union Budget 2024:

• Income Tax Slab Revisions: The Finance Minister, Nirmala Sitharaman, introduced tax exemptions for individual taxpayers opting for the New Tax Regime, aiming to boost consumer spending and stimulate economic growth. Notable changes include an increase in standard deduction to Rs 75,000 and a revision in family pension deductions.
• PMAY 2.0: The budget allocates resources to construct an additional 3 crore homes under PMAY 2.0, emphasizing affordable housing initiatives to support both rural and urban areas. Additionally, PMAY Urban aims to cater to the housing needs of 1 crore urban poor and middle-class families through central assistance.
• Stamp Duty Reduction: FM Sitharaman recommended State governments to lower stamp duty rates, particularly for properties bought by women, to facilitate home purchases.
• Land Reforms: The government is focusing on land-related reforms in both rural and urban regions, which include digitizing land records through GIS Mapping for efficient property management.
• Rental Housing: The budget proposes dormitory-style accommodations for industrial workers in rental housing under Public Private Partnership (PPP) mode with VGF Support, addressing urban housing challenges strategically.
• PM Surya Ghar Muft Bijli Yojana: A notable scheme plans to install rooftop solar panels to provide free electricity to one crore households, promoting sustainable energy solutions.

Challenges Identified in the Union Budget 2024:

• The absence of anticipated measures such as GST reduction on construction materials and GST rebate on rental income.
• Disappointment among homeowners due to unaddressed expectations, including the distinction between principal and interest repayment slabs for home loans.
• The real estate sector’s long-standing request for ‘Industry’ status remains unmet, hindering equity investment and access to lower-interest loans.

While the budget focuses on crucial areas like transport infrastructure, there are areas that could receive more attention, including addressing inflation for mid-segment homebuyers, streamlining affordable housing definitions, providing tax relaxations on home loans, and granting industry status to the real estate sector.

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