post-budget reaction from Mr. Pankaj Kumar Jain, Managing Director, KW Group

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New Delhi, February 04, 2020: “Budget 2020-21 has some positive triggers for the growth of real estate sector such as one year extension of additional Rs 1.5 lakh tax benefit on interest paid on home loan under the affordable housing category, besides one-year extension of tax holiday for the developers on profits earned from affordable housing projects. Also welcome is the Finance Minister’s announcement of Rs 100 lakh crore to be invested on infrastructure projects over the next five years. Still, these steps will not be enough to boost the affordable housing segment betting on which the government is driving its most ambitious commitment to fulfil housing for all by 2022. Unless concrete measures to generate demand in the industry are implemented, achieving this target is difficult, to say the least. The government must immediately think of providing relief to all the stakeholders of the real estate sector which contribute more than 6% to the country’s GDP. Otherwise, the much-promulgated claim to bring ease of living through this budget will hardly translate into any positive impact on the real estate sector. 

Overall, the budget has largely failed to bring in cheer to the real estate sector as it has missed to address most of our long-pending demands like granting industry status to the sector, scrapping capital gains tax and abolition of stamp duty to revive demand. The Finance Minister has not even announced any concrete measures to ease liquidity crisis in the stagnating realty market.”

Corporate Comm India(CCI Newswire)