Bengaluru, Mar 04, 2015
Response from Mr.M.R Jaishankar, CMD, Brigade Group
It is a good growth oriented budget, with special emphasis on infrastructure, Swacch Bharat, introduction of pension schemes, curbing black money & improving ease of doing business. But as far as Housing industry is concerned, there is no special encouragement inspite of ‘Housing for All’ vision. To that extent for our industry, the budget is disappointing.
Response from Mr.Suresh Hari, Secretary, CREDAI Bengaluru
The Budget is exciting and needs to be studied in depth. But overall there is a clear approach on infrastructure and growth. As far as the realty sector is concerned the following announcement encourages and helps the sector:
- Skill Mission enhancement,- which will bring in enhanced skilled work force.
- Regulatory reform for infrastructure,
- Single window clearance-
- Increase in allocation of infrastructure fund,
- Road outlay, Rural & Urban housing,
- Rationalized Capital Gains Regime For REITs/InvITs
- Wealth tax abolition-
- Corporate tax reduction in a phased manner
- Tightened Reporting Of Cash Transactions and
- Reduced customs duty on 22 items
Some of the issues that are not addressed or not clear are:
- GST roll out. The delay will put certain impediment on individual state taxes, since there are challenges at present.
- Clear policy on Smart Cities.
- Excise duty increase, which will increase cost of inputs.
- Increase of service tax rate to 14% from 12.36%- The sector is looking for relief from this tax.
There seems to be a good approach to the overall economy. The Real estate sector benefits from all budget related activity and 2015 looks very promising. CCI Newswire
