NEW DELHI (INDIA): Emaar India CEO Sanjay Malhotra said that the budget presented today focusses on ramping up spending on infrastructure, provides the necessary impetus to Housing for All program and continues the structural reforms initiated couple of years ago.
“The agenda of Transform, Energise & Clean India , shall improve the quality of governance & quality of life. The move from discretionary administration to policy based administration is visible in the budget proposals,” he said.
“The long-standing demand from real estate industry saw the light of the day, with affordable housing segment getting the Infrastructure status. This, along with increased allocations under NHB and PMAY-Gramin, will enable larger funding available to Home buyers & Developers, at a lower cost and also make the sector eligible for various incentives. Proposals like reduction of holding period for the purposes of long term capital gains tax from 3 years to 2 years, changing the base rate of indexation to 1.4.2001, shall provide the necessary respite to the property owners and also making property an attractive investment option,” said Malhotra.
“Being one of the largest employers in the economy and contributing 6% of the GDP, the revival of real estate sector needs continued support with more such measures, which will also have a multiplier effect on various sectors that provide material & equipment for construction & development,” he added.
The Union Minister for Finance and Corporate Affairs, Arun Jaitley presented the General Budget 2017-18 in Parliament here today. This is the first of its kind which included the Railway Budget. This year’s Union Budget also does not have Plan and Non-plan classifications and has been advanced by a month to the beginning of February.