Real Estate Sector’s Big Wins from Budget 2024: PMAY 2.0 and LTCG Tax Reduction Unveiled

The Union Budget 2024 has delivered a significant boost to the real estate sector, bringing with it two major announcements that promise to reshape the landscape of affordable housing and investment: the introduction of PMAY 2.0 and the reduction in Long-Term Capital Gains (LTCG) tax. At Utkal Builders, we view these developments as transformative steps that align with our vision of creating value-driven, sustainable, and inclusive urban spaces.

PMAY 2.0: A New Chapter in Affordable Housing

The Pradhan Mantri Awas Yojana (PMAY) has already made a profound impact on India’s housing sector, enabling millions to achieve the dream of homeownership. The unveiling of PMAY 2.0 in the Budget 2024 marks an exciting new chapter, with enhanced provisions aimed at expanding the reach and efficacy of the scheme. This revamped version focuses on urban infrastructure, green buildings, and increased budgetary allocation, ensuring that more individuals and families can access affordable and quality housing.

At Utkal Builders, we have always been committed to supporting the government’s mission of “Housing for All.” The introduction of PMAY 2.0 is particularly timely as it dovetails with our ongoing projects that prioritize sustainability, innovation, and affordability. This initiative will not only help us cater to the growing demand for affordable homes but also encourage us to innovate further in green building technologies, thereby reducing the carbon footprint of our projects.

PMAY 2.0’s emphasis on urban infrastructure development also aligns perfectly with our strategic focus on creating integrated townships that offer a holistic living experience. By ensuring better connectivity, enhanced civic amenities, and sustainable living environments, this scheme will help us deliver even greater value to our customers.

LTCG Tax Reduction: A Catalyst for Investment

Another landmark announcement in the Budget 2024 is the reduction in Long-Term Capital Gains (LTCG) tax, which is set to invigorate the real estate investment landscape. The lowering of LTCG tax rates on real estate transactions will make property investments more attractive, providing a substantial incentive for both first-time buyers and seasoned investors.

For Utkal Builders, this reduction in LTCG tax is a game-changer. We anticipate a significant uptick in investor confidence, leading to increased demand for high-quality residential and commercial properties. This move will not only stimulate the secondary market but also drive new investments in real estate, contributing to the sector’s overall growth.

The LTCG tax reduction is particularly advantageous for our luxury and premium projects. Investors looking for long-term gains will find our offerings, such as Utkal Utopia, even more appealing. The expected surge in demand will allow us to expand our portfolio and explore new markets, while continuing to deliver top-notch projects that meet the evolving needs of our clients.

Utkal Builders’ Commitment to the Future

The Budget 2024, with its focus on affordable housing and favorable investment policies, reaffirms our belief that the real estate sector is poised for significant growth. At Utkal Builders, we are excited about the opportunities that lie ahead and are ready to capitalize on them to the fullest.

As we move forward, our commitment to quality, sustainability, and customer satisfaction remains unwavering. We believe that the initiatives announced in this budget will empower us to create spaces that are not only economically viable but also environmentally responsible and socially inclusive.

In conclusion, the Budget 2024 has set the stage for a new era in Indian real estate, and Utkal Builders is proud to be at the forefront of this transformation. With PMAY 2.0 and the LTCG tax reduction, we are well-positioned to drive the next wave of growth in the sector, delivering on our promise to build homes and communities that stand the test of time.

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Mr. Rakesh Bhura

Director

Mr Rakesh Bhura holds the MBA degree from the Leeds University,UK. The youngest and the most dynamic among the directors he plays an important role in planning and execution at the site. He is actively involved in site execution,purchases & manpower management. He has his own innovative approach towards the projects and all his endeavours have been successful. Mr Bhura is the young promising face of Utkal Builders.

Mr. Prakash Bhura

Director

Anchors the sourcing function at Utkal. He is credited with deriving the best value from our sourcing partners – contractors and vendors of material inputs. Recently, he has taken additional responsibility of the marketing function. However, complicated and large his tasks, his energy and positive attitude make them all possible! And somewhere in the middle, he also finds time to pursue sports and instruct his disciples on yoga.

Mr. Sandeep Baid

Director

Is an MBA from University of Strathclyde, Scotland, specializing in marketing and is currently gaining exposure of the unique customer nuances of the varied markets. he is also involved in streamlining the finances of the group.

Mr. Bhanwarlal Baid

Director

Patriarch of the family & Chairman of the Group endorses chosen principles and values which Utkal follows. With his distinguished business and social credentials, he has led and safe-guarded the treasured Utkal culture. A born entrepreneur, he initiated with humble beginnings. But his zeal, sheer grit and robust ethics steered him through the times to continuing trust and success. Of course, after four decades of a distinguished business career and leadership of a diversified business group, his enthusiasm remains fresh as ever.

Mr. Amit Baid

Director

Is an MBA from prestigious IMT, Ghaziabad specialising in Finance and a CFA from ICFAI. He is driving innovation and technology in the group’s operations. He is also actively involved in the group’s marketing plans.

Mr. Sharad Baid

Managing Director

Mr. Sharad Baid is the Managing Director of Utkal Builders & has earned his Masters in Business administration from Bond University, Australia. He specialises in Finance and Information systems.By spearheading new initiatives in Utkal Builders, Mr. Baid has enhanced the framework for strategic planning and project development. In addition, he plays a crucial role in the corporate branding & project marketing of the Group.

Mr. Subhash Bhura

Director

The visionary with a mission and an opportunity – guru, his insights are the engines of innovation and new businesses. His passion for opportunities is only matched with his perseverance to bring them to life. He has been the torch-bearer and the agent of evolution at the group. He has also served as the president of CREDAI, Odisha (2010-11).