Budget 2024 ammo for India to win real estate battle over injured China
Budget expectations: There can't be a more apt time for India's budget to show how to 'strike while the iron is hot' as its larger neighbour and fierce rival China's economy goes through testing times amid a property crisis. While China is suffering an economic plight largely with the failure of its biggest real estate developers that shows no sign of abatement in the downward spiral, India, which has emerged as the fastest growing major economy, is seeing adding many feathers even on the property sector ducking global woes.
India is chasing ambitions to be the third largest economy by 2030 while it ramps up infrastructure and invests trillions.
India is adamant to be a global manufacturing hub, replacing China as the world's factory floor to a great extent, and is also becoming a cradle of global tech and R&D. These would all lead to jobs growth and income boost — paving way for office and housing property demand.
Moreover, a strong consumption base has already set the tone for rapid development in retail and warehousing segments.
Also Read: Budget may lay red carpet for the world to shift supply chain from China
Ashish Deora, the founder and CEO and founder of Aurum Ventures, which owns D-Street-listed Aurum PropTech, told ET Online that five key demand segments from Budget include increased urbanisation, growth in the IT and BFSI sectors, the proliferation of manufacturing corridors, the exponentially growing digital economy and rapid infrastructure development.
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