Sunday, March 1, 2015
writingonblog uncensored: Budget: Realty sector sore for not giving infrastr...
writingonblog uncensored: Budget: Realty sector sore for not giving infrastr...: Chennai: The realty sector, which is struggling to revive its fortune this financial year, was disappointed with the budget as its plea ...
Budget: Realty sector sore for not giving infrastructure status
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
writingonblog uncensored: Budget puts India as key investment destination, s...
writingonblog uncensored: Budget puts India as key investment destination, s...: Chennai: KPMG in India said that the Union budget will help re-build investors confidence in Indian economy and will help put India bac...
writingonblog uncensored: Murugappa Group hails budget
writingonblog uncensored: Murugappa Group hails budget: Chennai: Murugappa Group has hailed the Union budget and said that it has outlined a growth oriented approach, with positive initiativ...
Budget puts India as key investment destination, says KPMG
Chennai:
KPMG in India said that the Union budget will help re-build investors
confidence in Indian economy and will help put India back on the
agenda as an investment destination for both foreign and domestic
investors.
Richard Rekhy, CEO, KPMG in India, said that Finance Minister has come
out with a pragmatic budget which is directionally focused at
achieving growth and keeping the fiscal prudence in mind.
The Focus is on ease of doing business in India and increased
infrastructure spend. Measures like new bankruptcy legislation,
startup entrepreneur’s funds, GST rollout by financial year 2016,
deferral of GAAR will definitely support the cause of ease of doing
business in India.
Nabin Ballodia, partner – Tax, KPMG in India said with the mantra of
Minimum government Maximum governance, government has ushered ease of
doing business in full force by simplifying tax procedures. These
include online central excise and service tax registration to be done
in two working days, domestic transfer pricing threshold limit
increased from 5 crore to 20 crore, Wealth-tax replaced with
additional surcharge of 2 per cent on super rich.
Parizad Sirwalla, leader global mobility services,Tax, KPMG hailed
steps taken in the direction of universal social security scheme by
launch of an insurance and pension schemes.
He said the super-rich will cough up more taxes as enhanced surcharge
of 2 per cent (income more than Rs 1.05 crore). This more than
compensates the loss of revenue to exchequer by abolishment of wealth
tax.
Murugappa Group hails budget
Chennai:
Murugappa Group has hailed the Union budget and said that it has
outlined a growth oriented approach, with positive initiatives in
important sectors including Agriculture, Infrastructure, Finance and
Power sectors.
A Vellayan, Executive Chairman of Murugappa Group said that the budget
has listed many schemes to boost the rural economy. “We look forward
to these measures to provide a fillip to the Agriculture sector
besides empowering farmers with the Rs 8.50 lakh crore agricultural
credit during the year,” he said.
Vellayan also said that his group welcomes the efforts to reduce the
cost of inputs through reduction of Special Additional Duty on certain
items, and the reduction of Basic Custom duty on 22 items with the
view to reduce the impact of duty inversion.
Saturday, February 28, 2015
writingonblog uncensored: Full Text of Budget 2015 by Union Finance Minister...
writingonblog uncensored: Full Text of Budget 2015 by Union Finance Minister...: Madam Speaker, I rise to present the Budget of the Union for the year 2015-16. 2. I present this Budget in an economic environment which i...
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