Budget draws mixed reactions from realtors

Brotin Banerjee,CEO and MD,Tata Housing Development Company,feels the budget is positive.

“The increased impetus on infrastructure and large support to the rural development including PPP projects,education and health etc would also impact the economy in a positive way,” opines Banerjee.

“However,the provision of Rs 700 crore and extension of interest subvention scheme of 1% on all individual housing loans upto Rs 10 lakh for units costing up to Rs 20 lakh till March 30,2011 is a welcome move and would give a boost to low cost housing,” adds Banerjee.

Dr. Anil Jindal,Chairman and Managing Director,SRS Group,welcomes 1% subsidy on interest rate for affordable Housing. Lauding the budget he says,“The extension of 1% interest subsidy scheme for affordable housing to March 2011 is a sound decision that will benefit the consumers as well as the real estate industry.”

“It will make it attractive and encouraging for more people to go in for affordable housing,imparting momentum to the entire industry in the process. It will also trigger increased entry of genuine end-users instead of speculators and property hoarders,” Jindal adds.

RK Mittal,Chairman and Managing Director,CHD Developers,believes that the budget is balanced.

“For the common man he has given some sweets in the form of Income Tax concessions,but with the roll back in excise duties the sweets have become a lit bit spicy,” says Mittal.

Navin M Raheja,Managing Director,Raheja Developers finds the budget good for the Indian economy. Reacting to the budget proposals,Raheja says,”The budget is focused on the overall infrastructural development of the country including the rural sector. But the FM has not considered the real estate sector’s major recommendations such as status of infrastructure to the industry,extension of tax exemption/tax rebate under section 80 IB up to March 2011,ECB for real estate etc,” Raheja clarifies.

Kamal Taneja,Managing Director,TDI,welcomes the budget proposals,but feels the FM has overlooked the impending demands of real estate sector.

“The real estate sector would have been more contended to have got govt’s notice towards the huge gap in demand and supply of mid market segment housing. While the sector saw sincere effort from the govt towards low cost housing,meeting up with more urgent requirements towards removing archaic laws and bringing taxation to a reasonable level would have further brought good news for both the industry and the large mid market segment of the country,” elaborates Taneja.

Shravan Gupta,executive vice chairman and managing director,Emaar MGF Land,finds the budget good for inclusive growth.

“This year’s budget invokes immense confidence and the markets have fittingly responded. The finance minister was right in acknowledging the need of the hour is a return to the growth path and efforts towards putting the economy back on track with a GDP of 9%,” opines Gupta.

“Significantly,it’s an inclusive growth budget that has the potential to work as a booster for the economy,“Gupta adds.

Pradeep Jain,Chairman,Parsvnath Developers feels that the budget is good for ‘aam admi’.

“I personally feel that today’s budget was for aam-admi,it is good for each and every individual in the society,the budget is supportive for the tax payers as the extension of limit will help in reducing burden on individual tax payers.”

Partial roll back of excise duty on cement and cement products is a welcome move as it will help in reducing the input cost thereby making the final product economical”,Jain adds.