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In addition to infrastructure development, the Union Budget 2024-25 has focused on employment generation, skilling, manufacturing augmentation, innovation and inclusive growth. On the real estate front, additional allocations under PMAY scheme, rationalization of stamp duty charges for women-home buyers and focus on rental housing catering to industrial workers bodes well for the residential segment. Interestingly, bolstered by government policy support and infrastructure developments, spiritual tourism is poised to be a critical growth driver for the development of several temple towns in India. Announcements related to industrial parks and corridors can potentially add vigor to the industrial & warehousing segment. Moreover, increase in disposable income under the new tax regime through additional deductions and slab revisions can amplify investments across real estate asset classes including REITs.