Real estate sector not happy with Budget

Sakal Times
Thursday, 1 February 2018

Pune: The real estate sector was not very happy after Finance Minister Arun Jaitely presented the Union Budget for the year 2018-19. According to them, the budget is a damp squib and besides fund declaration through National Highway Bank, nothing was encouraging in the Budget. 

Pune: The real estate sector was not very happy after Finance Minister Arun Jaitely presented the Union Budget for the year 2018-19. According to them, the budget is a damp squib and besides fund declaration through National Highway Bank, nothing was encouraging in the Budget. 

Shrikant Paranjape, President, CREDAI Pune Metro: "The Union Budget 2018 does not give any substantial provision for real estate sector. It gives only two direct benefits. Firstly, the Government through National Housing Bank will set up a dedicated fund for affordable housing. Secondly, the 5% deferential allowed from ready reckoner rate will benefit buyers in the current market scenario." 

Kishor Pate, Vice President, CREDAI, Pune Metro said: "During the Union budget presented by the FM we found the focus was only on affordable and rural housing, which is indeed a welcome move. However, no attention was given to the housing needs of urban middle class. Overall not much for real estate segment in this budget." 

Rajesh Mhatre, CEO, Real Estate, Vascon Engineers Limited said, “As real estate is the backbone of the economy, we are slightly upset there are not more announcements for the housing sector. We are happy that announcements on building 1 crore houses under Pradhan Mantri Awas Yojana in rural areas and establishing a dedicated affordable housing fund under National Housing Bank for priority sector are some bright points to look for. However these are not enough to soothe the negative impact of demonetization and GST that the sector bore in the past year." 

Tushad Dubash, director, Duville Estates said, “Budget 2018-19 focus is on infrastructure and the Smart Cities initiative and this is a positive move for the real estate sector and Pune. Pune comes under the government's Smart City initiative and the allocation of Rs 2.04 lakh crore towards listed 99 Smart Cities will serve well for Pune’s real estate market." 

Vineet Goyal, Joint Managing Director, Kohinoor Group said, “Announcement by the Finance Minister to set up a dedicated affordable housing fund in the National Housing Bank is a positive announcement. This will help increase supply in rural areas and augment affordable housing supply in urban areas. Realty industry will indirectly benefit with government’s focus on infrastructure creation. Overall. a moderate budget when it comes to realty sector." 

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