In the backdrop of tough economic conditions, the real estate industry has expressed positive sentiments over the Union Budget 2013-14.
Samarjit Singh, Managing Director, Indiahomes, says, “The budget will re-energise the realty sector. With the recent indications of a benevolent interest rate environment, coupled with the prospect of the real estate regulation bill, the budget will, in all probability, be the third leg of the real estate revival story. The sector will be greatly benefited by the favourable tweaking of the policy framework around taxation and an easing of the liquidity stranglehold currently imposed due to lack of viable finance options.”
Singh believes that the budget will provide a sentiment boost, as the real estate regulation bill will provide the much-required policy boost to the industry.
Singh says, “Within the next quarter, we anticipate the entire real estate sector to get reinvigorated. We will be able to resume on the growth path, which we have stopped for the last many years because of extreme liquidity crunch and policy paralysis.”
Bhim Yadav, Chairman and Managing Director, Falcon Realty Services, welcomed the budget, saying, "We welcome the Finance Minister’s decision to grant an additional tax deduction of interest of up to Rs. 1 lakh for a person taking a home loan of up to Rs. 25 lakh for the first time during the financial year 2013-14. This move will help promote affordable housing, and will also widen employment opportunities in the construction sector.”
Yadav says, “Our global eco-city project which is located on NH-8, alongside the Delhi-Mumbai Industrial Corridor (DMIC), will see a surge in demand as the plans for seven new cities have been finalized.”