Pre-Budget Quote on Interiors by Sammeer Pakvasa, Managing Director and CEO of Eleganz Interiors
Below the Pre-Budget Quote on Interiors by Sammeer Pakvasa, Managing Director and CEO of Eleganz Interiors
As we approach this year's budget announcement, the interior design and build fit-out industry is optimistic yet cautious. With India’s construction and real estate sector projected to grow at a robust rate - various estimates place the CAGR at around 9-10% from 2023 to 2028 - there is immense potential to align policies that fuel sustainable and innovative growth. A key expectation from the budget is the introduction of additional tax incentives or subsidies for sustainable building practices and materials. As India pushes toward its Net Zero carbon goals by 2070, the interior design and build fit-out sector must be encouraged to adopt green building standards, such as LEED and WELL certifications, which can significantly lower the environmental footprint of commercial and residential spaces while fostering responsible design. The Indian government’s initiatives, such as the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), have laid a foundation for skill development; however, tailored programs for interior craftsmanship and build fit-out technologies can further bridge the projected 34% rise in demand for skilled workers in the construction and interiors segment over the next five years. Moreover, as workspaces evolve in response to hybrid work models, there is a growing demand for flexible and wellness-centric designs. Policies promoting corporate tax benefits for investments in employee-friendly and ergonomic office upgrades could drive businesses to reimagine work environments. Additionally, an increased allocation for infrastructure development, particularly in Tier II and III cities, could unlock untapped potential in these emerging markets. Strengthening these regions with enhanced connectivity and commercial spaces will catalyze economic growth and create opportunities for the design and build fit-out sector. This budget presents a unique opportunity to champion sustainability, innovation, and inclusivity, ensuring the design and build fit-out sector contributes meaningfully to India’s growth story. With supportive policies, the industry can deliver spaces that are not only aesthetically appealing but also functional, sustainable, and future-ready.
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