The new governments first budget lays fundamental thrust on infrastructure development and affordable housing.

Its attention to rental housing through creation of a model law is a welcome move and we hope this will pave way for the development of an institutional rental market in the country.

The budget has also taken note of some of the key challenges of the real estate market in terms of the ongoing NBFC crisis and the tough residential market. We hope that the measures of enhancing bank funding to the NBFC sector and tax incentives around affordable housing will help the cause.

(Shishir Baijal is the Chairman & Managing Director at Knight Frank India. The views expressed are personal)

--IANS baijal/mag/