Reaction on the Union Budget 2019-2020 from M Murali, Chairman and Managing Director, Shriram Properties Ltd.

New Delhi, July 06, 2019: This is a well calibrated ‘Scale up India’ Budget focused on Start – ups and Rural India; bringing ‘Connectivity’ as the major thrust area to minimise the rural and urban divide. The proposal to make INR 100 lakh crores investment towards infrastructure in the next five years is reflective of the importance placed on employment and the GDP, by the government.

Proposal to construct 1.95 crore houses under PMAY -GRAMIN itself will have a positive impact on the economy. Investments in housing by home buyers, upto INR 45 lakhs, will receive further impetus by way of additional income tax incentives that will further augment affordable housing.  Additionally, introducing a modern tenancy law will go long way in encouraging Rental Housing.

The Budget has also rightly appreciated the urgent need for improving liquidity in the economy following the NBFC crisis. Increasing the turnover limit to INR 400 crores for the lower corporate Tax of 25 %, will also greatly help many mid-sized corporates.

In the matter of further support to the real estate sector, especially to housing, the industry is confident that the Finance Minister will revisit the sector’s expectations including initiatives such as, Single window clearance for approval, rationalisation of tax and stamp duty across the country, as these will greatly benefit home buyers in terms of the price they pay.

Corporate Comm India (CCI Newswire)