The budget does not address the main concerns of the real estate sector, say developers

NEW DELHI: Real estate developers and real estate consultants expressed disappointment over the budget for the next fiscal year, and said they did not deal with the great concern about the liquidity of the sector and offered no significant incentive to boost low sales of households.

The direction of the budget is progressive, however, there are no specific sectoral measures for the real estate sector, said the national president of CREDAI, Jaxay Shah.

He welcomed the government's decisions to extend the tax benefit to increase demand and supply of affordable housing, but said the industry was anxiously awaiting rental housing policy, once only from the developers' loan and the limit of 45 lakh that would be eliminated in affordable housing. housing definition

The president of NAREDCO, Niranjan Hiranandani, said: The problem of liquidity, which is a great challenge for the economy in general and real estate in particular, here there is no significant relief.

Live plus Satish Magar, president of CREDAI National, said: It has not been encouraging for India's real estate sector, which needs immediate government attention. No specific measures were announced for the real estate sector.

"As an industry we expected plus bolder steps from the government to revive the ailing sector such as providing plus liquidity for the sector, onetime restructuring of loans, and tax deductions on home loans to give impetus to buyer sentiment. Unfortunately none of these issues have been addressed, except providing tax holiday for one plus year for to affordable housing developers and loan sanctioning- which was due for some time," he added.

Anarock chairman Anuj Puri said the Budget misses on the 'quick fixes' the real estate sector needs urgently and focuses plus on a long-term vision. "Apart from the affordable housing push and personal tax relief, no major benefits came in for resolving the current housing mess."

Anshuman Magazine, presidente y CEO - India, Sudeste de Asia, Medio Oriente y África, CBRE dijo: Continuando con su compromiso de fortalecer aún plus la infraestructura nacional hasta la última milla, el Ministro de Finanzas presentó hoy un presupuesto progresivo y tocó cada sección del economía.

Shishir Baijal, president and managing director of Knight Frank India, said the Budget does not meet the expectations of the real estate sector.

With regard to the real estate sector, the industry expected the Government to present measures to boost housing demand. However, the elimination of exemptions under the new income tax regime, which implies that no tax benefits on capital and interest for mortgage loans would be a buffer for the sector, he added.

Dhruv Agarwala, Group CEO, PropTiger and Housing.com, said: In the 2020 budget, the government decided to help the common man by reducing the burden of income tax for people. By doing this, the government will definitely help increase consumer sentiment that will give a great boost to consumption.

Property consultant JLL India country head and CEO Ramesh Nair said, "The Union Budget announcement today continues to focus on affordable housing and infrastructure, plus specifically, urban infrastructure and logistics. However we do not see significant impact on the realty sector."

JLL India gave Budget a rating of 3 out of 10 for the real estate sector.

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