Chennai:
The realty sector, which is struggling to revive its fortune this
financial year, was disappointed with the budget as its plea for
infrastructure status went unnoticed.
The expectations of budget providing additional relief via increased
income tax deduction limit or on repayment of housing loans was also
watered down.
Former Confederation of Real Estate Developers' Associations of India
(CREDAI) president and national chairman for Code of Conduct (COC) and
Consumer Grievance Redressal Forum CREDAI T Chitty Babu said that
while the budget looked good for economy in general, the realty sector
was disappointed.
“We expected this government will give some impetus to real estate
this time, however, we are left empty-handed yet again,” said Chitty
Babu.
“There are no clear guidelines on various indirect taxes this sector
has to pay besides the long pending demand of the sector which is the
largest contributor to GDP to be granted infrastructure status went
unnoticed,” said Babu.
Anuj Puri, Chairman & Country Head, JLL India, agrees with Babu and
says that the budget has not provided any additional relief via
increased income tax deduction limit or on repayment of housing loans.
But Ajit Kumar Chordia, president CREDAI Chennai, begs to differ. He
says that real estate sector is linked to economy. “If the economy
grows, the realty sector grows. Why should be bother for
infrastructure status. The budget is a good one and had it provided
some stimulus for affordable housing, it would be great,” he says.
He also highlighted that the announcement of AIIMs in Tamil Nadu would
boost the realty sector wherever AIIMs is being set up.
But Sanjay Dutt, executive managing director, South Asia, Cushman &
Wakefield says Finance Minister has missed an opportunity to use real
estate sector as another trigger for economic growth.
However, he welcomed withdrawal of Wealth Tax which he hoped would
result in huge investment. He also said that allowing rationalisation
of capital gains on transfer of assets to REITs has actually taken
care of a key demand by the sector.
Vineet Relia, Managing Direction of SARE Homes, said that while the
finance minister did not mention real estate specifically but the
industry will benefit from big push on surface transport and overall
corporate benefits will fuel growth leading to more buoyancy
The realty sector, which is struggling to revive its fortune this
financial year, was disappointed with the budget as its plea for
infrastructure status went unnoticed.
The expectations of budget providing additional relief via increased
income tax deduction limit or on repayment of housing loans was also
watered down.
Former Confederation of Real Estate Developers' Associations of India
(CREDAI) president and national chairman for Code of Conduct (COC) and
Consumer Grievance Redressal Forum CREDAI T Chitty Babu said that
while the budget looked good for economy in general, the realty sector
was disappointed.
“We expected this government will give some impetus to real estate
this time, however, we are left empty-handed yet again,” said Chitty
Babu.
“There are no clear guidelines on various indirect taxes this sector
has to pay besides the long pending demand of the sector which is the
largest contributor to GDP to be granted infrastructure status went
unnoticed,” said Babu.
Anuj Puri, Chairman & Country Head, JLL India, agrees with Babu and
says that the budget has not provided any additional relief via
increased income tax deduction limit or on repayment of housing loans.
But Ajit Kumar Chordia, president CREDAI Chennai, begs to differ. He
says that real estate sector is linked to economy. “If the economy
grows, the realty sector grows. Why should be bother for
infrastructure status. The budget is a good one and had it provided
some stimulus for affordable housing, it would be great,” he says.
He also highlighted that the announcement of AIIMs in Tamil Nadu would
boost the realty sector wherever AIIMs is being set up.
But Sanjay Dutt, executive managing director, South Asia, Cushman &
Wakefield says Finance Minister has missed an opportunity to use real
estate sector as another trigger for economic growth.
However, he welcomed withdrawal of Wealth Tax which he hoped would
result in huge investment. He also said that allowing rationalisation
of capital gains on transfer of assets to REITs has actually taken
care of a key demand by the sector.
Vineet Relia, Managing Direction of SARE Homes, said that while the
finance minister did not mention real estate specifically but the
industry will benefit from big push on surface transport and overall
corporate benefits will fuel growth leading to more buoyancy
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