FY25 Budget: Rs 10 L Cr for Urban Housing, Rental Housing Policy, Long Term Capital Gains Tax Lowered, Indexation Benefit Gone

Delhi, July 23, 2024: The Finance Minister Nirmala Sitharaman on Tuesday presented the maiden Budget of Modi 3.0. 

The Budget reflects Government’s continued focus on infrastructure as it allocated over Rs 11.11 lakh crore, which is almost 3.4% of India’s GDP.

The government has also announced that it intends to construct an additional one crore homes under PMAY Urban 2.0 with an outlay of Rs 10 lakh crore, including Central assistance of ₹2.2 lakh crore in the next five years.

The Budget proposed that rental housing with dormitory type accommodation for industrial workers will be facilitated in public-private partnership (PPP) mode with viability gap funding (VGF) support and commitment from anchor industries.

The Budget has also promised to enable and implement policies and regulations for efficient and transparent rental housing markets with enhanced availability

The Budget announced a major reduction in rent TDS (tax deducted at source). The current tax deducted at source (TDS) for Payment of rent by individuals has been brought down to 2% from the existing 5%, effective October 1, 2024.

The Finance Minister reduced the Long Term Capital Gain (LTCG) tax rate to 12.5 per cent across all financial and non-financial assets from 20 per cent earlier. At the same time the Finance Minister proposed to eliminate the indexation benefit on calculating LTCG on real estate. 

The indexation benefit adds the rate of inflation to the asset’s purchase price. At the time of selling the asset, this leads to a higher purchase price, resulting in a lower capital gain which results into  tax benefit. Now without indexation, the profits on sale would be calculated on the actual purchase price, resulting into a higher tax outflow.

“Focus on rural and urban job creation, if effective, may provide some boost to affordable housing, which has given a tepid performance since the pandemic. The move can help stir up housing demand in not just the top 7 cities but also the tier 2 and 3 cities”, said Anuj Puri, Chairman – ANAROCK Group .

The budget also announced setting up of industrial parks and vegetable supply chains near urban consumption centers. Plug-and-play industrial parks near 100 cities are expected to bolster the manufacturing sector, contributing to the rising share of manufacturing in the country’s GDP.

The Budget also talked about rationalization of stamp duty and the creation of a transparent rental housing market, although no concrete solutions was provided. The Budget also talks about transparent land registry market through GIS mapping and other reforms, but operational announcements were missing.

The real estate sector has largely welcomed the Budget announcements. Here are the excerpts of the industry reactions:

Manoj Gaur, Chairman, CREDAI National and CMD Gaurs Group
The biggest announcement concerning the real estate sector is the provision of Rs 10 lakh crore investment in urban housing for the poor. This will be a milestone for affordable housing in the country, meeting the needs of 1 crore urban poor and middle-class families. Despite high demand, progress in this segment has been slow due to a lack of budgetary support. This funding is expected to lead to the rise of many new projects in the affordable housing segment. The provision for rental housing for industrial workers through a PPP model is also commendable. Additionally, the focus on transit-oriented development for urban centres with populations of 30 lakh and above will boost urban infrastructure. With an expected 30-40% increase in people moving into urban areas, this budget demonstrates a long-term vision. Overall, this budget is a significant boost for the real estate sector.

 Mohit Goel, Managing Director of Omaxe

Budget 2024 stands out for its people-centric vision and powerfully advancing affordable housing in urban areas with a landmark allocation of Rs. 10 lakh crore under the PM Awas Yojana-Urban 2.0. As it targets to meet the housing needs of 1 crore poor and middle-class families, it is expected to boost affordable housing segment and create millions of jobs in the process.

The allocation of Rs. 11.11 lakh crore for infrastructural development, along with the innovative PPP model for rental housing in urban centers and the strategic push for transit-oriented development showcases a forward-thinking approach. These initiatives will undeniably propel real estate development in the right direction. Moreover, the reduction in stamp duty for women buyers will help build an inclusive real estate market.

In essence, the budget represents a strategic economic boost, ensuring India’s macro growth remains resilient amid global uncertainties. By prioritizing key sectors such as skilling, urban development, and infrastructure, this budget injects crucial energy and momentum into the economy.

Sanjay Sharma, Director, SKA Group
The government’s allocation of ₹11.1 lakh crore for infrastructural development is set to boost the real estate sector significantly. Coupled with ₹2 lakh crore earmarked for job creation over the next five years, this initiative will drive demand and stimulate growth. In addition, the government’s suggestion to the state government to reduce the stamp duty will profit buyers by minimizing registry costs. Moreover, the announcement of a ₹10 lakh crore investment in urban housing is poised to promote affordable housing and meet the needs of middle-class homebuyers. These measures make the much-anticipated budget a catalyst for transformative changes in the sector. 

Deepak Kapoor, Director, Gulshan Group
The spending on infrastructure, while on the one hand, increasing prosperity, will also boost economic prospects, encouraging both the housing and commercial realty segments. An allocation of Rs 10 lakh crore in allocation for urban housing will enable affordable housing development. Other than that, Rs 2 lakh crore earmarked for job creation over the next five years will create demand, which in turn will boost real estate development.

Salil Kumar, Director- Marketing & Business Management, CRC Group
The Union Budget 2024 has unveiled a strong commitment under Finance Minister Nirmala Sitharaman, with a particular emphasis on urban housing, infrastructural development, youth skilling, and job creation. The recommendation for state governments to reduce stamp duty is a very positive step for the real estate sector, benefiting millions of flat owners by lowering their registry costs. Many organizations have long advocated for this change, and the government has taken note. Additionally, the ₹10 lakh crore investment in urban housing is a significant move with very positive long-term effects. The government has taken a major step to provide homes to one crore urban poor and middle-class families. Furthermore, the tax relief in the income tax slabs will help people save money, encouraging them to buy homes.

Yash Miglani, MD, Migsun Group      
This determined investment by the Govt proves a strong promise to urban development and social equity. By focusing on the housing needs of the urban poor and middle-class families, govt is ensuring inclusive growth and enhancing the quality of life.

Uddhav Poddar, MD, Bhumika Group
The emphasis on infrastructural development by allocating Rs. 11.1 lakh crores along with employment generation and skill development will boost real estate development and provide a fillip to the commercial segment. The promulgation of the PPP model for rental housing in urban centres, along with transit-oriented development (TOD,) will also promote real estate development

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd
This budget can be termed as prudent and holistic in each aspect
the government’s decision to allocate ₹10 lakh crore under the PMAY Urban Scheme, targeting 3 crore houses and key focus on rationalising stamp duty for Home byers especially for women, underscores a robust vision for urban development and will help homebuyers would save the significant amounts, making home ownership more accessible.

At macro level sustained infrastructure impetus, reflected in the ₹11.11 lakh crore Capex allocation, we anticipate all these would create a multiplier impact and  significant boost in the overall housing sector.

Additionally, a focus on rental housing in industrial parks via the PPP model, digitizing land records in cities will greatly improve transparency and ease property transactions

Dr. Payal Kanodia, Chairperson, FICCI YFLO Delhi.

“It is promising to see our vision align with the Modi government’s forward-thinking ideology. As the newly appointed Chairperson of YFLO Delhi, my dedication to women and child welfare has been amplified by this honour. I am committed to reaching 1 million people, focusing on livelihood opportunities, youth skill development, literacy, socio-economic empowerment, environmental conservation, and enterprise development. Modi 3.0’s focus on enhancing women’s workforce participation through initiatives like hostels and women-specific skilling programs is inspiring. At YFLO, in collaboration with Womenovator, we are encouraging private academic institutions to help post-graduate women overcome societal challenges and secure relevant work. Additionally, through M3M Foundation, new initiatives for promoting private investment in post-harvest activities and faster adoption of technologies like nano DAP to boost agricultural productivity will be scaled in Delhi NCR and border areas like Leh and Ladakh, benefiting women in rural areas.

G Hari Babu, National President of NAREDCO

The announcement to develop an additional 3 crore homes under the Pradhan Mantri Awas Yojana (PMAY) in both urban and rural areas is seen as a major boost to the sector. Furthermore, it was announced that Rs 10 lakh crore will be invested in the flagship PMAY scheme, including a central assistance of Rs 2.2 lakh crore over the next five years, giving a further boost to the government’s programme to provide affordable housing and stimulate demand across various segments of the real estate market. This investment is likely to benefit developers, construction companies, and allied industries.

The sector is also encouraged by the focus on urban development as one of the nine priorities for the coming years. This suggests potential improvements in infrastructure and amenities in cities, which could increase property values and attract more investments. The introduction of rental housing with dormitory-type accommodation for industrial workers in PPP mode with VGF support is seen as an innovative approach to address housing needs in industrial areas. This could open up new opportunities for real estate developers in the affordable housing segment.

The development of industrial parks in 100 cities under the Industrial Corridor initiative is expected to create new real estate opportunities in these areas, potentially leading to the growth of commercial and residential properties.”

Sachin Bhandari, Executive Director and CEO, VTP Realty

The recent budget announcements are set to have an immediate and direct impact on the real estate sector. Developers heavily reliant on investors will be adversely affected by the government’s decision to rationalize the Long Term Capital Gains (LTCG) tax, reducing it from 20 percent to 12.5 percent. However, the elimination of the indexation benefit when applying LTCG means the overall tax outflow will be higher under this new regime. This move is likely to dampen investor sentiment, removing key incentives and directly impacting developers dependent on investors.

Conversely, the government’s proposed initiatives, such as promoting MSMEs, extending credit guarantees, and furthering infrastructure development, alongside a focus on the PM Awas Yojana, indicate a strong commitment to revitalizing MSMEs, the backbone of the Indian economy. This will drive growth in the affordable and mid-level real estate segments, provided these efforts are implemented successfully.

Rizwan Sajan, Founder and Chairman, Danube Group

The Budget 2024-25 is expected to open a wide window of opportunity for the luxury housing market in India. Among the provisions, the significant allocation of Rs 11.11 lakh crore towards capital expenditure is set to stimulate the real estate market. We also expect the government’s focus on enhancing the ease of doing business will create an environment conducive to the collaborations in the industry. At Danube Group, we are optimistic that these initiatives will drive growth and innovation in the real estate market apart from contributing immensely to meeting the sophisticated demands of connoisseurs of luxury and excellence in the residential real estate segment.

Harsh Gupta, CEO, Sundream Group
The Union Budget 2024 lays a robust foundation for India’s economic growth. Substantial allocations for infrastructure and urban development. Along with financial reforms, it will significantly boost the office space sector. Focus on rural development and financial support for states like Bihar and Andhra Pradesh will drive inclusive growth. With Rs 10 lakh crore investment in urban infrastructure, the budget prioritizes creating modern commercial spaces. This determined investment underscores the government’s commitment to urban development and business growth, fostering a more conducive environment for office space investments and enhancing economic activity.

Kushagr Ansal, Director Ansal Housing
Finance Minister Nirmala Sitharaman’s announcement to invest ₹10 lakh crore to address the housing needs of 1 crore urban poor and middle-class families is a game-changer. This substantial investment will not only provide affordable housing but also rejuvenate the real estate sector, promoting sustainable urban development.

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE

We welcome the government’s first full budget in its third consecutive term focused on its pursuit of Viksit Bharat. The budget has been sharply concentrated on infrastructure development, employment generation, housing, skill development, MSMEs, and increasing the participation of women in the workforce. The enhanced focus on MSMEs through credit guarantee facilities and Mudra loans will significantly boost investment and lead to the creation of numerous small and medium enterprises. Additionally, the introduction of internship opportunities in 500 top companies is an excellent initiative to integrate young talent into mainstream businesses. 

Specifically for the real estate and infrastructure sector, the focus continues notably on Industrial parks, industrial corridors being set up, Purvodaya, PM Awas Yojana, urban housing, transit-oriented development of cities and creative redevelopment of cities across the country. Needs of 1 crore urban poor and middle-class families will be addressed with the announcement of PM Awas Yojana 2.0. Also, the expected revision of stamp duties across states will make property registration more affordable, especially for women. Furthermore, we anticipate that the rental housing market will become more organized, with new policies and regulations enhancing safety, transparency, and availability. Many cities are poised to benefit from these changes. Lastly, transit-oriented development will not just facilitate the development of cities but also generate employment across ancillary industries.

Badal Yagnik, Chief Executive Officer, Colliers India 

The Union Budget 2024-25 clearly defines the nine priority areas revolving around employment & upskilling, inclusive growth, augmentation in manufacturing, urban development, infrastructure growth, innovation and newer reforms. This lays the foundation for future budgets and envisions India’s growth trajectory over the next five years. The capital outlay of over INR 11 lakh crore for infrastructure at 3.4% of GDP will boost equitable real estate growth in Tier I and II cities.

Housing continues to be one of the focus areas in the budgetary announcements. Under the PMAY scheme, INR 10 lakh crore has been allocated for the development of 3 crore additional houses. This will drive construction in the urban and rural areas with cascading effect on allied sectors. PPP financing and VGF for rental housing will help in meeting the housing needs of the poor while reducing the burden of the government through the traditional route. Rationalization of stamp duty across states with an emphasis on women homebuyers will boost home-buyer sentiment across major cities of the country. Furthermore, announcements related to industrial parks & corridors and infrastructure development in temple corridors should provide opportunities for all real estate stakeholders. Additionally, revision in tax slabs and increase in deduction limits under the new tax regime can potentially enhance disposable income and drive-up real estate investment across asset classes especially residential real estate.

Anurag Mathur, CEO, Savills India  

This budget has a sharp focus on urban and infrastructure development, with manufacturing and housing as strong beneficiaries. ‘Cities as Growth Hubs’ has the look of a mission statement. Among a host of points contained therein, the Transit-Oriented Development in 14 large cities is key. So is the framework for the creative brownfield redevelopment of existing cities. This is much needed for the rejuvenation of several cities under immense strain. The INR 15,000 crore allocation for Andhra Pradesh’s capital city is another budget highlight. The other big focus area of the budget—manufacturing—is poised to get strengthened with the extension of the Credit Guarantee Scheme for MSMEs, the setting up of industrial parks and corridors, and e-commerce export hubs. This will eventually lead to a stronger economic performance for the country. The attendant real estate segment of warehousing will certainly gain from this.

 The budget has also given ample attention to urban and rural development, with rental housing for industrial workers through the PPP model, interest subsidies for rental housing, and Transit-Oriented Developments. The additional 3 crore housing units in rural and urban areas under PMAY is a welcome step for closing the gap in the sector. The decision to increase the standard deduction along with lowering the tax slabs in the new tax regime for personal income tax should lead to an increase in disposable incomes for the middle-income group. This will bode well for demand in affordable and mid-income housing. The changes in capital gains tax remain an area of concern, though.

Dr Niranjan Hiranandani– Chairman – Hiranandani and NAREDCO

India Inc. welcomes the all-encompassing Union Budget 2024 enthusiastically, recognizing the government’s keen focus on fiscal incentives and structural reforms that prioritize employment-centric sectors. The budget’s strategic emphasis on skilling through private sector internships, salary support, and CSR-funded training demonstrates a vital commitment to enhancing youth employability, positioning them as the primary growth engines of our economy.

The monumental allocation of ₹10 lakh crore under the PMAY Urban Scheme, aiming for 3 crore houses, alongside the focus on rental housing through dormitories in industrial parks via the PPP model, and the sanctioning of 12 new industrial parks, underscores a robust vision for urban development. With sustained infrastructure impetus, reflected in the ₹11.11 lakh crore Capex allocation, we anticipate a significant boost in affordable rental housing for industrial laborers.

Innovative initiatives such as the digitization of land records, GIS mapping, and urban housing for the middle class, combined with workforce skilling, are expected to have a profound multiplier effect on the burgeoning real estate sector, currently experiencing double-digit growth. Moreover, the budget’s focus on sustainable development through solar and renewable energy, water and solid waste management aligns perfectly with the goal of climate-resilient real estate development.

While the reduction in long-term capital gain tax to 12.5% without indexation benefits will be closely monitored for its practical impact. However, aligning the holding period for long-term capital gains with that of equity shares by reducing it to 24 months will significantly boost much-needed investment and enhance competitiveness within the sector. The emphasis on encouraging state governments to reduce stamp duty and other development premiums is a decisive step. This will not only bolster urban housing growth but also make affordable housing more accessible, optimize development costs, and invigorate the demand curve. The implementation of redevelopment and transit-oriented development schemes merits careful attention, as they are pivotal for driving urban growth, generating employment, attracting investments, and boosting economic growth.

Amarjit Singh Bakshi, Chairman and Managing Director, Central Park​
We commend the government for the comprehensive and progressive budget announced today. The measures introduced reflect a clear commitment to fostering economic growth and supporting various sectors, including real estate. The Rs 10 lakh crore investment under the PM Awas Yojna, Urban 2.0, will greatly benefit the urban middle-class and the Rs 2.2 lakh crore push will address the nation’s affordable housing needs. 

The allocation of Rs 11.11 lakh crore for infrastructure development, comprising 3.4% of India’s GDP, will definitely drive growth and connectivity, positively impacting the housing market. Government’s focus on maintaining a strong fiscal support for infrastructure projects for the next 5 years will also drive it forward. These budgetary measures are also expected to generate high-value employment and support over 200 ancillary industries, reinforcing the sector’s critical role in the economy. 

Arjunpreet Singh Sahni, Executive Director, Solitaire Group

We appreciate the Union Budget 2024-25 for its strategic policies that are set to significantly boost the real estate sector. Among the beneficial provisions for the real estate sector in this budget  though in the long run are the sanctioning of 12 industrial parks under the National Industrial Corridor Development Program, and the facilitation of rental housing for industrial workers in PPP mode. The formulation of transit-oriented development programmes for 14 large cities is also beneficial for the real estate segment, as these measures will enhance urban infrastructure. Such a forward-looking approach in this budget will drive demand and stimulate growth within the sector.

Pyush Lohia, Director, Lohia Worldspace

We welcome the government’s announcement to develop 3 crore additional homes under PMAY, a significant boost to the sector. The Rs 10 lakh crore investment, including Rs 2.2 lakh crore central assistance, will stimulate demand in the real estate market, benefiting developers and allied industries. The development of industrial parks in 100 cities will boost real estate development in Tier 2 and 3 cities, attracting new businesses, creating jobs, and driving economic growth. This will also lead to improved infrastructure, enhanced quality of life, and increased economic opportunities for residents in these cities, ultimately contributing to the government’s vision of ‘Housing for All’ and a more prosperous India.

We also applaud the government’s proposal to introduce transit-oriented development in 14 major cities, prioritizing sustainable growth and efficient transportation. This approach will transform urban landscapes, enhancing the quality of life for over 30 lakh citizens. The accompanying framework for creative redevelopment will catalyze innovation, driving economic growth and revitalizing city centers. This forward-thinking initiative sets a new benchmark for urban development in India, promising a brighter future for generations to come

Mehul Agarwal, Director & CEO, Dorby 

As a stakeholder in the surface décor industry, reforms and initiatives in the allied sectors like manufacturing, logistics, and infrastructure significantly impact our growth aspirations. The allocation of Rs 11 lakh crore, representing 3.4% of our GDP, for capital expenditure on infrastructure projects highlights the government’s dedication towards real estate and infrastructure growth and development. Significant allocations with Rs 15,000 crore dedicated to Andhra Pradesh’s development and Rs 26,000 crore for highway projects in Bihar including the Polavaram Dam project, new airports, medical colleges, and industrial nodes, reflect the government’s commitment to regional development as well. Enhanced infrastructure translates to improved logistics and supply chain efficiency, reducing transit time and costs. 

Furthermore, the reduction in the turnover threshold for MSME buyers on the TReDS platform from Rs 500 crore to Rs 250 crore is another reform that stands to benefit the MSME sector significantly. This measure will improve liquidity and working capital management for MSMEs, enabling smoother cash flows and financial stability. Moreover, the introduction of a new credit guarantee scheme for MSMEs, providing guarantees up to Rs 100 crore for term loans without collateral, will facilitate access to finance for machinery and equipment purchases. The government’s continued focus on GST simplification and rationalization is a welcome move. We expect the reduced compliance burdens and logistics costs to enhance ease of doing business, enabling us to operate more efficiently. 

The budget also emphasizes urban development through transit-oriented plans for 14 large cities with populations exceeding 30 lakh promoting urban expansion. This presents a promising market for the surface décor industry, as the increased real estate value will consequently lead to higher demand for construction & development. Lastly, the Finance Minister also announced a PM Package of five schemes aimed at facilitating employment and skilling, with a substantial allocation of Rs 2 lakh crore, aimed at creating jobs for the youth of the country. Employment and skilling, particularly in the blue-collar sector, is crucial for our industry where skilled labour undertakes product installation and finishing.

Rajesh Jaggi – Vice Chairman – Real Estate, Everstone Group

IndoSpace lauds the government for taking the necessary steps towards developing investment-ready plug-and-play industrial parks with comprehensive infrastructure in 100 cities. Together with states and the private sector, this pioneering step has the potential to transform both industrial development and urban planning in a big way. Under the National Industrial Corridor Development Program, these projects are going to serve as vibrant economic centres that drive development as well as innovation poised to create a lasting impact”

Dr. J.K. Taylia, Chairman of ECHON.

The Indian Budget 2024 outlines a comprehensive approach that holds great promise for Echon and larger PVC manufacturing industry. The allocation of ₹10 lakh crore for urban housing under the Pradhan Mantri Awas Yojana, including a central assistance of ₹2.2 lakh crore and interest subsidy schemes, will encourage real estate industry to invest in affordable yet advanced building materials. As a manufacturer of PVC building products, we are optimistic about the opportunities to build solutions that are aligned towards the sustainable growth of the real estate and infrastructure industry. The increase of custom duties on import of PVC will fuel the domestic industry, helping usage of alternate materials that are affordable and durable for long term usage.

The budget’s emphasis on the increased capital expenditure of ₹11.11 lakh crore will enhance infrastructure, benefiting manufacturing sectors like ours by improving logistics and reducing overall operational costs. The government’s focus on renewable energy, especially solar power, is aligned with our commitment to sustainability thereby encouraging customers and builders swiftly adopt environment friendly alternatives. This focus on green energy presents opportunities for us to integrate more eco-friendly practices into our PVC manufacturing processes, meeting the growing global demand for sustainable products. Moreover, the allocation for youth skilling, hostel facilities for industrial workers especially women, will help build a skilled workforce, supporting our operational needs and promote inclusivity in the workforce.  

Overall, the budget’s focus on boosting domestic manufacturing, modernized infrastructure, affordable housing, simplified GST norms, and environmental sustainability creates a favorable business environment for Echon. We are excited about the opportunities ahead and remain committed to contributing to India’s growth story while driving positive change in the industry and the communities we serve. We anticipate government’s intervention for introducing R&D grants and tax incentives to drive innovation in green manufacturing, simplification of export procedures to enhance global competitiveness, and an accelerated infrastructure push using domestically produced materials to support local industries.

Dinesh Gulati, COO, IndiaMART Intermesh Ltd

Access to affordable and timely credit has been a consistent hurdle in the MSME sector and the budget has introduced multiple benefits to address the issue. 

The introduction of a new scheme to support purchase of machinery and equipment without collateral and guarantee for MSMEs will not only help provide the much needed financial assistance, but also act as a catalyst to the growth of the manufacturing sector. RBI, recently estimated a credit gap of ₹20 to ₹25 trillion in the MSME sector. Increase of limit for MUDRA and slash of turnover threshold TReDS registration will further provide necessary breathing room to the MSMEs

Additionally, linkage of new credit assessment models by public sector banks on the basis of the digital footprint of MSMEs will further bring the sector closer towards the digital transformation. The formulated package to finance technology support and set up of e-Commerce export hubs in PPP* mode will enable MSMEs to go beyond the geographies of India and ensure global competitiveness of India. 

What makes us particularly happy is the support provided for skill development via allocation of ₹1.48 lakh crore for education, employment, and skill development. The MSME sector currently contributes 60% of overall job creation in the economy. This significant investment, in terms of EPFO allocation and support to first timer employees is a huge step in skilling of human capital and underscores the existence of a linkage between education, skills, and employment. 

Manish Mehan, CEO & MD, TK Elevator India:

“The Indian real estate sector is expecting the Union Budget 2024–25 to improve liquidity, such as enhanced funding for the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, which has been crucial in reviving stalled projects. It presents substantial steps under the PM Awas Yojana-Urban, and rural development initiatives are poised to significantly transform the housing landscape in India. With an investment of ₹10 lakh crore addressing the housing needs of 1 crore families and the construction of 3 crore additional houses, the elevator industry is set to witness a surge in demand, driving growth and innovation within our sector. Moreover, the significant allocation of ₹11,11,111 crore for capital expenditure on infrastructure, along with the encouragement for the government to make similar contributions, highlights their commitment to strong infrastructural development. This increased effect will undoubtedly impact the elevator industry, offering us remarkable opportunities to improve urban mobility and support the evolving urban infrastructure”