“The Government’s announcement to establish a dedicated Affordable Housing Fund would further strengthen the vision to achieve ‘Housing for All by 2022’. Additional assistance for construction of 37 lakh houses in urban areas and 51 lakh rural houses opens a window of public-private partnerships in the sector and appetite for larger infrastructure finance.”
Vice-Chairman, Naredco & CMD, Tulip Infratech
“We welcome a comprehensive and well-structured Budget announced by the Finance Minister. Positive announcements across sectors are contributors towards economic growth and shall boost these sectors, simultaneously, creating opportunities for real estate sector. We also welcomes the move to amend Section 43 CA of the Income Tax Act that no adjustment shall be made in respect of transactions in immovable property, where the circle rate does not exceed 5 per cent of the consideration. ”
“It is heartening that the FM has stressed more on infrastructure development which will further create opportunities of urban development across the country. It will also generate more demand for quality housing paving the way for increased participation from the industry. The mega fund allocation for smart cities will open another window of opportunity for real estate sector. In a nutshell, this Budget is growth-oriented, ensuring positive outlook for the future of real estate sector.”
Arjunpreet Singh Sahni
Executive Director, Solitaire Group
Managing Director, KWGroup
“We appreciate the measures taken in the Budget to bolster sentiments of the industry towards affordable housing development with allocation of Rs 2,75,000 crore for affordable housing plan in FY19. The Government’s focus on massive infrastructure creation is also commendable. We look forward to similar announcements towards formation of fast-track connectivity initiatives like Rapid Rail and improvement of Metro connectivity of internal locations in Delhi-NCR region.”
Managing Director, SARE Homes
“The Union Budget brings some relaxation for the housing sector. The one crore houses to be built under PMAY and establishment of a dedicated affordable housing fund will act as a booster for affordable housing sector. Besides, the announcement of allotting Rs 2.4 lakh crore for 99 smart cities will increase the investments in the sector. However, lowering of GST rates was also expected to provide the extra push to the sector.”
General Secretary Credai Ghaziabad & Director, SG Estates
“The Budget has stressed a lot upon developing infrastructure and creating a pool of job opportunities. Though, there wasn’t a direct benefit accorded to the realty sector, the proposal of development of 4 lakh km of road and upgrading rural infrastructure will greatly bring up the Tier-2 and 3 cities on realty map. This, is in the long run, will help boost the housing demand and investment opportunities for those regions.”
Co-Founder & Chairman, Signature Global
“We welcome the Union budget 2018-19 which has aimed to provide a major thrust to the affordable housing segment in the country. Major announcements were made for the betterment of this segment once again. The Proposal to open up an affordable housing fund will greatly benefit in the long run. Plan to develop over one crore houses in the rural areas will significantly help the housing mission. The announcement of developing new roadways will allow the untapped regions to develop.”
MD, Saya Group
“The real estate sector got missed out in this Budget with just some indirect long-term benefits on offer. Work on the infrastructure front has been the backbone and the same has received massive allocation yet again. With rapid development, more and more smaller regions will come into limelight, and may become the next investment hubs.”
MD, JMS Buildtech
“As real estate makes pivotal contribution to the economy, the fall in the GST rate in the Budget 2018-19 would have provided extra boost to the sector. However, investment of 2.4 lakh crore for 99 smart cities will attract more investments into the market which will uplift the commercial reality and increase the demand for office spaces.”
MD, CHD Developers
“The Budget has paved growth path for the affordable housing segment. The FM’s announcement of establishing a dedicated affordable housing fund is in the right direction. It aims to meet the overall housing target of the Government to build one crore houses by 2019. The expansion of coverage under the Pradhan Mantri Awas Yojana (PMAY) will fulfil every buyer’s dream of owning a house. “
Managing Director, Chintels India
“Concessions in the Budget towards affordable housing sector and the setting up of an Affordable Housing Fund will help the realty sector ancillaries grow. Though most of the recommendations that we had made on behalf of the real estate industry have not been addressed, the move towards no adjustment to be made in a case where the circle rate value does not exceed 5 per cent of the consideration is a welcome move”.
Managing Director, Central Park
“After laying the foundation for a more robust and organised real estate sector, we anticipated the Government to reinvigorate the industry by way of lowering GST rates, allowing single-window clearance and according an industry status to the real estate sector. These changes would have contributed positively to hasten the recovery of the industry which is today one of the largest employer and contributor to country’s GDP.”
Executive Director, Pacific Group
“The Government has shown keen interest towards enhancing connectivity and infrastructure in the country by proposing an amount of Rs. 50 lakh crores. Agriculture sector was the biggest gainer in the Budget along with a major relaxation to MSMEs by way of reduced corporate tax. Real estate sector did not see a direct incentive but better infrastructure and connectivity will pave way for greater housing and commercial demand.”
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