Budget 2022 focuses on new smart-tier 2-3 cities

Budget 2022 focus on nurturing new smart tier 2-3 cities.This will be a push to the real estate infrastructure and a substantial impact on employment creation. Budget 2022decodes the theme- Kaam, Kisan, and Kamai, the outlays came out with a ‘Budget for the economy’, comprising sustainability and infrastructural investment as an underlying theme. The year’s budget appears to focus on the implementation of macro-growth along with micro-all-inclusive welfare, energy transition, digital economy, and fintech, bolstering investment, technological development, and climate action beneficial for the nation. The industry has welcomed the focus to resolve long-standing issues of reducing the approval deadlines for land acquisition and construction. Emphasis has been given to modernisation and reforms in building bylaws, schemes for urban town planning, transferable development rights (TDR reforms), multimodal corridors (transit-oriented), and transferable development rights. Urban development policy has gained momentum with an enhanced capacity building which will help in the holistic development of urban cities. The extension of the Pradhan Mantri Awas Yojana (PMAY) scheme to March 2023 and allocation of Rs 48,000 crore to enhance affordable housing benefit schemes for 80 lakh new beneficiaries within the middle class and economically weaker sections in the urban areas. Green clearance’s single window portal will help in promoting ease of conducting business in contributing to the sustainable development and special mobility zones for electric vehicles (EVs). Image Source Also read: Over 31 lakh homes developed in Odisha under rural schemes