New Delhi, Feb 28, 2015: “The entire sector has been watchfully awaiting the first full budget by the new government. The interim budget presented by Mr. Jaitely last year had given a much needed hope to this plunging sector. We and all the stakeholders across the sector are hoping that this year’s budget will be able to successfully implement the promises made by the Govt. last year. That sector is eagerly looking forward to more reductions in home loan interest rates following this budget. The reduction will have positive sentiments for the real estate sector and will increase the purchase power of consumers and will also attract buyers with disposable income at hand. The real estate market in India has been largely unorganized in terms of its processes and integral legal systems. The Real Estate (Development and Regulation) Bill is certainly the need of the hour. The move will definitely bring in absolute transparency in the system, will provide assistance in FDI and wipe out difficulties in raising capital from banks and other financial institutions. The budget should also include some measures to regulate the prices of construction materials (like cement, iron, concrete, etc.) by putting upper ceilings on their prices. It has been observed that ‘inflation’ has been one of the leading factors in capital appreciation of properties. We are optimistic that these amendments will certainly address the concerns of both buyers and developers and the sector will certainly get the much needed flip.”CCI Newswire
