Delhi government focuses on housing; allotting Rs 3,106 crores in budget
To accelerate the growth in otherwise sluggish real estate sector of India’s capital Delhi, the AAP government has earmarked Rs 3,106 crores for housing and urban development in its 2018-19 budget. Naming it as a ‘Green Budget’, Deputy Chief Minister Manish Sisodia informed that it will also deal with the increasing air pollution of Delhi.
As stated by the budget, the provision for both housing and urban development amounts for over six per cent of the total budget of Rs 53,000 crores.
Making development as the core objective, Delhi will now feature more urban development works, as compared to last year. This year, the state government has allocated Rs 165.44 crores for the housing sector, as compared to Rs 271 crores in 2017-18. However, government has raised the amount of fund for the urban development, by allotting Rs 2,782 crores, which was Rs 2,396 crores in the last fiscal year. An increase of Rs 386 crores for the fund implies that the city administration will perform new urban development works, as against the last year. To undertake large-scale development works in the unauthorized colonies, Rs 1,500 crores has also been allotted by the government.
Furthermore, the AAP government has also predetermined a time-line for every project, whose alignment will be assessed by the chief secretary on a weekly basis. Apart from the housing and urban development, the administration has also focused on various sectors, including education, health, roads, sewer and water.
The budget is expected to abridge the huge demand supply gap in Delhi’s housing sector. It is also slated to bring a much-needed boom in the housing sector across India. As the economy will progress and more jobs will be generated in the capital city, there will be a pressing need to not only bung the existing gap, but also a need to meet the newer demand.
Overall, the Budget, together with the recent revolutionary initiatives, will make a positive impact on the housing and real estate sector in Delhi.