Last week, the Union Finance Minister declared new promising proposals under the ATMA NIRBHAR Bharat Package 3.0. These measures are an encouragement to job creation and bringing an expansion to real estate and the infrastructure sectors.
Acknowledging the additions made by the government, Annuj Goel, MD, Goel Ganga Developments states a few points supporting the announcements of the 7th package after the pandemic by FM on 13th November 2020. Annuj Goel holds a reputable position in the real estate industry in the entire Pune. It was his strong will and intentions that transformed the roadmap of real estate in Pune and brought luxury and affordability together. As MD of Goel Ganga Developments Ltd. he believes that the ATMA NIRBHAR Package 3.0 would be a movement to strengthen the base of the construction and infrastructure sector.
The updated proposals will contribute a spur to economic activities, particularly in the construction and infrastructure sector. The steps like substituting EMD to Bid Security Declaration will act as a remedy to the contractors as it will help in lowering the barred money and overcome the cost of bank guarantee. Additionally, the new production-linked stimulation plan for ten key sectors will commence to improve manufacturing activity in India for expanding the need for the creation of new manufacturing facilities.
It is a beautiful Diwali gift from the government, says Annuj Goel. The substantial growth and the rise in demand have driven the economy on a rebound. The previous two versions of this Abhiyan are apparent by the foresight of RBI of a strong possibility of the automation reverting to positive growth in Q3 rather than Q4. And these measures are an aid for the housing sector that is looking forward to a comeback. Moreover, it would push the inactive demands in the housing industry and approach the subject of unsold inventory across the country.
The tax release will carry the pressure off the end-user, and also the provider says, Annuj Goel. This additional expense of 18,000 Crores for PMAY over and above the budget estimate will help millions of Indians in the urban and semi-urban areas to fulfill the dreams of a home. The tax relief for developers and first-time buyers for houses up to 2 Crores till 30th June 2021.
Annuj Goel believes that by implementing the subsidy to farmers and Rs 900 crore for the research and development of the COVID vaccine, the governing bodies have shown beautiful examples that they rested great emphasis on the nucleus while taking responsibility for other problems. In a nutshell, the total inducement offered by the Government and Reserve Bank of India is 15% of the GDP that is needed right from the beginning. To date, Rs. 29.87 Lakh Crore package in 7 parts has been announced since the COVID-19. All these relaxations offered by the government are valid till 31st December 2021 under the General Financial Rules. Mr. Goel says as a part of this economy we believe to witness potential changes with the support of the Finance Ministry in the next year. And the recent package will be a smart move for the home buyers in Pune. Meanwhile, he says that Goel Ganga Developments is committed to take a simple lifestyle beyond four walls and change the urban Indian thinking with a unique approach as it was contributing to this industry in the pre-COVID times.
