Budget Reaction from Mr. Pankaj Kumar Jain, MD, KW Group

New Delhi, July 06, 2019: “Even though much of the long pending demands of real estate sector have been left unaddressed, Budget 2019 with its clear focus on giving a boost to infrastructure and affordable housing development has emerged as harbinger of positive sentiments in the industry. Simultaneously the honourable Finance Minister Nirmala Sitharaman has proposed to give relief to the homebuyers with enhanced interest deduction up to Rs 3.5 lakh for buying affordable housing unit costing up to Rs 45 lakh which will definitely boost market sentiments. Tax holiday on profits earned by real estate developers engaged in development of affordable housing is another significant announcement that will support the industry in its efforts towards contributing immensely in the government’s Housing for All initiative. Rental housing has also got considerable attention in this budget with the promise of the finance minister to finalise a modern tenancy law soon. The government’s massive push to connectivity development through Bharatmala and Dedicated Freight Corridor will also immensely support real estate sector by offering the opportunity to explore the potential of various emerging locations for the launch of new housing projects. In a nutshell, the budget has offered considerable encouragement to real estate sector paving the path for its future growth.”

Corporate Comm India (CCI Newswire)