Budget Reaction – R K Arora, Chairman, Supertech Ltd. for the real estate sector.

New Delhi, February 02, 2017: “The budget for financial year 2017-18 has the potential to give much needed impetus to affordable housing in the country. The Real Estate Developer community appreciates that the Government is serious in achieving the objective of Housing for All by 2022, which is evident from the grant of Infrastructure Status to affordable housing. The other positive steps to revive the real estate in the Budget are additional refinance of Rs. 20000 crores through NHB. This is good news for both developers and investors in real estate projects. Further, the permission to complete Affordable Housing Projects in 5 years instead of 3 years to qualify for Tax exemption in 80IB is a relief. The new Credit Linked Subsidy Scheme for Middle Income Group with allocation of Rs. 1000 crores in the Budget will also revive the demand. The benefit to individual taxpayers by raising exemption limit and slab restructuring benefit would also boost purchasing power and demand. The relief in capital gains tax on real estate properties announced in the Budget is a welcome step as it would help enhance investment as well as demand in real estate sector. The reduction in fiscal deficit is indicative of a bright economy.”

Corporate Comm India(CCI Newswire)