The Finance Minister of Telangana State, T Harish Rao, presented the annual budget for the fiscal year 2023-24 in the state assembly this month. The budget presented of INR 2 90,396 crore for the year consists of total revenue expenditure of INR 2 11,685 crore and a capital expenditure of INR 37,525 crore.
The budget focused on public welfare and infrastructure in the state. The Finance Minister introduced a robust budget with specific allocations to infrastructure development and has earmarked Rs 11,372 crore to the Municipal Administration & Urban Development (MA & UD) Department. A part of the budget is also allocated for the development of Infrastructure and Traffic Flow in Hyderabad.
Real estate experts anticipate that this emphasis on infrastructure development and public welfare will pave the way for the growth of the housing sector in tier-2 and tier-3 cities of the state.
The problem of traffic congestion is quite prevalent in the state. The state government has announced several SRDP Projects to address it, including developing flyovers, underpasses, foot-over bridges, and road-over bridges.
One of the major focus areas of the state budget was to curb unemployment in the state. It has proposed the development of various industries, including the food processing industry, and the development of IT Infrastructure in the state. It has also allocated INR 4,037 crore for the industries department, creating a conducive business environment to attract investments.
Infra development and employment generation increase the financial potential of the population. This additional capital may be invested by people in the housing sector and will directly impact the demand for real estate in the state.
Industry experts point out that Hyderabad has developed mainly because of its well-connected roads and infrastructure. With a boost in infrastructure, the state will witness the growth of tier-2 and tier-3 cities in the long run. The proposed industrial corridors in the state will all develop along the National Highways. This will further boost the development of residential clusters across the state.
The Finance Minister has also allocated INR 7,890 crore to construct double-bedroom houses for the poor. These homes will benefit over 2.5 lakh eligible persons in the state, thereby boosting the housing sector.
The state budget for 2023-24 and its allocations are a positive boost to the real estate and construction industry. No doubt, it will have a long-standing impact on the sector.
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