Union Budget 2017 – Vidip Jatia, Director, Belmac

New Delhi, February 03, 2017: “The overall Budget has had good incentives for the real estate sector. Increase in government spending on infrastructure to 65,000 cr will boost real estate space in metro and rural India. 2,000km of coastal roads will decongest metros and improve connectivity. The focus of our government on infrastructure will give a boost to the realty space in India.

The Budget 2017 has been a boost for the real estate space. Our Hon. Finance Minister Mr. Arun Jaitley continuously emphasised on the importance of infrastructure to drive demand in the country. The continued focus of increasing the connectivity via new road, metro and coastal road projects will not only improve congestions in metros but will also have a positive impact on going the periphery parts of the metros.

Income tax reductions from 10% to 5% for individuals earning between 2.5lakhs to 5lakhs per annum will help in financial inclusion in the system thus increasing the demand in the realty space. This will have a cascading impact to boost demand in the sector. Individuals who were outside the banking system earlier will all be included in the system thus increasing consumerism in the country.

The government is focused on its target of Housing for all by 2022. Various incentives such as prolonging capital gains tax for developers, income tax incentives, interest subvention schemes, etc. by the government will help drive demand for homes.”

Corporate Comm India(CCI Newswire)