Haryana Budget 2023: Key Announcements For Real Estate

Haryana Government tabled the state budget for the financial year 2023-24 on 23rd February 2023. The Chief Minister of Haryana, Manohar Lal Khattar, presented a budget of INR 1,83,950 crores marking an increase of 116% from the previous budget. 

A major highlight of this budget was the proposed expenditure of INR 57,879 crores for capital asset creation, which accounts for 31% of the entire budget.

Here are the highlights of what the real estate industry gained from Haryana Budget 2023-24.

Haryana Budget 2023: New Announcements For Real Estate

1. A budget of INR 5,893 crores allocated for the state's urban development and the housing sector.

2. Sonipat Metropolitan Development Authority tol be established with an aim for integrated planning and development of the Sonepat Metropolitan area including Rai, Kundli, and Sonipat.

3. 1,00,000 houses will be allocated to families identified under BPL (Below Poverty Line) category through PPP (Parivar Pehchan Patra.

4. 4000 play schools to be launched by converting the existing anganwadis in the next two years.

5. New labour hostels to be established under an affordable rental housing scheme for labourers.

6. The Amnesty Scheme for builders to be continued.

7. A land pooling system has been announced through HSVP (Haryana Shehri Vikas Pradhikaran) and HSIIDC (Haryana State Industrial and Infrastructure Development Corporation).

8. Work on three metro links to be taken up in 2023-24. Their routes will be:

• Rezangla chowk to Delhi's Indira Gandhi international airport

• Southern peripheral road to Panchgaon. They will be connected via global city and Manesar.

• Bahadurgarh metro will be extended up to Asaudha. It will connect with the Haryana Orbital rail network and Kundli Manesar Palwal (KMP) expressway.

9. Rs.101 crores allocated for the construction of SYL canal for the state to get its due share of the water of the Ravi-Beas river system.

Haryana Budget 2023: Allocation To Boost State’s Connectivity

1.  An allocation of INR 5,408 crore proposed for the highways, roads, and railways sector.

2. A proposal of establishing Heli  Hub in Gurugram in a 26 acres land.  This will be used for maintenance, transportation, overhauling, repair, and medical emergency services.

3. The fleet strength of Haryana roadways will be increased from 4,500 to 5,300 buses in 2023-24.

These are all the major highlights for the real estate industry from Haryana Budget 2023-24. Keep an eye on our page to know more such updates!

Check Out: Top Highlights of Union Budget 2023