Journalism of Courage
The real estate sector is disappointed. Confederation of Real Estate Developers’ Associations of India (CREDAI) president Lalitkumar Jain said,We,as an umbrella body of real estate in the country,feel disappointed by the unyielding measures taken by Finance Minister Pranab Mukherjee. The policy measures rolled out fail to highlight the role of housing sector in the economy and fails to acknowledge the significance of employment generation by the sector and the need of housing in the country. The proposal of bringing in an umbrella tax structure for the cement industry will increase cost of housing in India and negate development of the sector. Also providing ECB to affordable housing is a minor respite to the sector but its significance in the long run will be meaningless. With the proposed policy measures,there is an inherent risk of liquidity drying up in the real estate sector wherein exemption of capital gains tax to invest in SMEs may result in cash outflow from real estate. Another disappointment is interest subsidy on home loans which is not enough and will not help Economically Weaker Sections or Lower Income Groups.
Satish Magar,former president,CREDAI,Pune,said housing industry is concerned there is nothing for them except for ECB rules of affordable housing. V V Ghanekar,director,Institute of Rural Development and Education,said its is a disappointing Budget.
