Dr. Samantak Das, Chief Economist and Head of Research & REIS, India, JLL

A three-pronged approach that focuses on growth sectors, infrastructure and the services segment has laid down the blueprint to sustain and accelerate economic growth. Specific incentives for biopharma and electronics manufacturing, rare earth mining, setting up education townships & medical value tourism hubs are far-reaching. Additionally, the measures to promote tourism will create accretive employment and revenues while the tax holiday for foreign data centre service providers is set to make India a global hub for data centres. The overall budget is a statement and action document to create the push towards making India a leading manufacturing and innovation-driven ecosystem.

Anil Mittal, Chief Financial Officer, Smartworld Developers

 Budget 2026 lays out a pragmatic roadmap for India’s urban future, anchored in a sustained infrastructure push and clear policy direction that channel long-term investment into major metropolitan markets. In Tier-1 cities, where connectivity, mass mobility and civic infrastructure are key demand drivers, the focus on capex-led growth and regulatory certainty strengthens market confidence and supports sustainable real estate development. As the sector builds enduring urban communities, consistent policy signals and robust infrastructure will remain the foundation for quality housing and long-term value creation.

Nikhil Madan, MD, Mahima Group

The budget maintains a largely lukewarm sentiment, but consistent emphasis on capital expenditure as a driver of economic growth encourages hopefulness. With continued allocations toward transport, logistics, urban mobility and regional connectivity, Tier 2 and 3 cities are likely to witness the next phase of real estate development. The commitment to infrastructure led growth for Tier-2 cities is very promising for Jaipur with many existing projects underway such as Jaipur Ring Road, major industrial hubs and sector-specific parks in Rajasthan. In Jaipur, targeted urban infrastructure upgrades and policy continuity are incrementally improving livability while unlocking new residential and mixed-use development opportunities. As economic activity continues to decentralize and housing demand broadens, the real estate sector stands to benefit from a more diversified and resilient demand base, further supporting long-term and sustainable urbanization rather than a purely cyclical, metro-led growth trajectory.

Samir Jasuja, Founder and CEO, PropEquity

The budget’s emphasis on infrastructure-led growth, development of industrial corridors and manufacturing hubs, data centres, high speed rail corridors, dedicated freight corridor, recycling of significant real estate assets of CPSEs through dedicated REITs, Rs 5000 crore allocation per city economic regions (CER) over 5 years in tier 2&3 cities including temple towns, are steps towards amplifying the potential of these cities to deliver economic growth. The consequent impact of this will propel the growth of real estate across categories and pave the way for comprehensive development of the Indian economy.

Paul Salnikoff, Managing Director and CEO, Executive Centre India Limited

 The Union Budget underscores the government’s continued focus on strengthening urban infrastructure and improving capital access for long-term commercial development. Over the past decade, instruments such as REITs and InvITs have enhanced transparency and institutional participation in India’s real estate ecosystem. The proposed infrastructure risk guarantee fund and calibrated partial credit guarantee further reinforce lender confidence by addressing construction-phase risks. For enterprise-focused workspace providers operating in India’s leading business districts, these measures support the creation of high-quality, professionally managed office environments aligned with evolving occupier expectations. The parallel emphasis on strengthening hospitality and service-led institutions also contributes to building a skilled, customer-centric workforce, supporting sustainable growth across office and workspace platforms.

Dr. Nitesh Kumar, MD & CEO, Emami Realty Ltd

The budget marks a significant step forward for India’s real estate sector, emphasizing sustainable growth and infrastructure-led development. The increase in public capital expenditure to ₹12.2 trillion for FY2026-27 will undoubtedly accelerate urban infrastructure projects, creating new opportunities in Tier 1 and Tier 2 cities where demand for quality housing and commercial spaces is surging.

The proposal to establish dedicated Real Estate Investment Trusts (REITs) for recycling significant real estate assets held by Central Public Sector Enterprises is a game-changer, unlocking underutilized land and fostering greater investment in the sector. Additionally, the Infrastructure Risk Guarantee Fund will provide much-needed credit guarantees, reducing risks for lenders and enabling smoother financing for large-scale developments. We are optimistic that these measures will enhance affordability, boost rental housing initiatives, and drive overall sectoral momentum. 

Amrita Gupta, Director of Manglam Group

 With a sustained focus on infrastructure creation, urban development and housing-led demand, the budget lays a strong foundation for long-term, planned growth across Tier II and Tier III cities. The emphasis on higher public capital expenditure and strengthening emerging urban centres will significantly improve livability, connectivity and the quality of urban ecosystems. This, in turn, is expected to enhance end-user confidence, support stable housing demand and align well with the evolving aspirations of India’s homebuyers. 

Binitha Dalal, Founder & Managing Partner, Mt. K KapitalTT The continued capex push in the budget will have a direct multiplier effect on construction activity, urban development and employment generation across the economy. The proposed Infrastructure Risk Guarantee Fund is a meaningful step, as it can strengthen lender confidence and reduce financing risks during the development and construction phase of large projects.

What also stands out is the government’s clear push to position India as a global hub for next-generation digital infrastructure. The announcement of a tax holiday until 2047 for foreign cloud companies operating through India-based data centres is a strong move that can attract global technology players while supporting the country’s rapidly rising AI and data demand. This focus on data centres reflects a long-term commitment to building the foundational infrastructure that will power future economic growth.

Equally significant is the announcement of dedicated REITs to accelerate the recycling and monetization of CPSE real estate assets, opening up new pathways for unlocking institutional capital and improving asset utilization. Overall, the Budget creates a more supportive environment for long-term investment across both physical and digital infrastructure sectors.

Pawan Kumar Agarwal, MD, N K Realtors 

The huge capex allocation on infrastructure development, is set to generate positive momentum to urbanization, better connectivity and real estate growth in metro cities and Tier 2 cities. The development of dedicated speed corridors will significantly provide a big boost to industrial and logistics growth, while data centres are expected to drive huge real estate space demand, supported by the long tax holiday period. 

Adhil Shetty, CEO, Bank Bazaar

This year’s budget strengthens the foundations of India’s formal credit and financial system through targeted, data-backed measures.  The proposed INR 10000 crore SME Growth Fund is a key intervention. It addresses the long-standing equity and growth capital gap faced by scaling MSMEs. The continued focus on strengthening TReDS and invoice discounting framework directly tackles MSME liquidity stress. Faster receivables financing improves cash flows, reduces dependence on informal borrowing, and lowers working capital costs. 

The government’s clearer articulation of the role of NBFCs, including defined credit targets and tech-led efficiency, reinforces their importance in last-mile credit delivery. Overall, by combining capital support, digital and AI-led infrastructure, and regulatory reform, the budget aims to deepen formal credit penetration, improve liquidity and strengthen trust across financial system.

Akshay Taneja, CEO, TDI Infrastructure

In a scenario where Tier-2 and Tier-3 cities account for 44% of residential land acquisitions and housing sales across 60 cities crossed 6.8 lakh units, reflecting stronger affordability, digitalization incentives and sustained infra spending will be critical for enabling safe, smart and scalable urban ecosystems across emerging city economic regions.

The substantial capex hike for FY27, combined with Infrastructure Risk Guarantee Fund, will materially improve project viability and private capital participation.

Saransh Trehan, MD, Trehan Group

The highest ever allocation of infrastructure capital expenditure to INR 12.2 lakh crore for FY27 will drive connectivity and economic activity across urban and emerging markets The emphasis on fast-tracking REIT-led asset recycling and support for Tier-2 and Tier-3 cities improves liquidity and investor confidence. Together with enhanced affordability measures and financing options, this budget can catalyse demand and help the real estate sustainably contribute to job creation, urbanization and inclusive growth