Post-budget Reaction for RE sector by Mr. Anuj Khetan – Director, Vijay Khetan Group

New Delhi, February 02, 2020: “Aspirational India, economic development and a caring society were the three prominent aspects of the Budget 2020 by FM Nirmala Sitharaman that focused on the standard of living, job creation, infrastructure, increase in foreign investments and overall boost in the economy. Although, the budget failed to impress the markets, it had very little for the real estate industry too which contributes nearly 6-8% to India’s GDP. The Stock market will start to mount as FII’s will pour in their money soon. The Government proposing to remove DDT is an important step to boost investment. The announcement on the digital revolution will play a big role in delivering services to the people in India that aims to achieve seamless delivery of services through digital governance. The government will soon roll out the policy to enable the private sector to build data center parks throughout the country that will boost the commercial space. The announcement proposed to extend Rs 1.5 lakh benefit on interest paid on affordable housing loans by a year is a move to encourage the developers to invest more in affordable housing. Also, the tax holiday provided on profits earned by developers of affordable housing projects is a big relief to the sector. The funds allocated for infrastructure will give a much needed fillip to infrastructure development. The sector was highly expecting scrapping of capital gains on the sale of properties which could have provided a major relief both to the sector and consumers. Although the budget had very few things to cheer, the industry hoped for more in terms of reviving the market sentiments.”

Corporate Comm India(CCI Newswire)