5:58 AM
Amongst
enormous buzz created around the new Union Budget by the new
government, created by Pre-Budget statements from the who’s who of the
industry, we at Emaar MGF view this Union budget, to be positive for the
growth of the economy in general and real estate sector in particular.
In the long run it will help in facilitating the growth of the real
estate sector.
Introduction
of REITs is the biggest positive move for the commercial real estate
market, which was overdue for long, which will be set up in accordance
with SEBI guidelines.” It has potential to bring in a large segment of
new investors to the market and at the same time the government is
opening up a new avenue for saving and retirement planning for
individuals,” said the spokesperson of Emaar MGF group. The developer
fraternity will be benefitted from creating additional business
opportunities and will also improve the business sentiment in the
satellite towns of the metros and large cities.
The
government has provided relief to the realty business by ensuring
certainty in the tax regime. It is a welcome move that no change will be
made in the tax laws. The MGF spokesperson also added,” The proposal to
strengthen authority for advance ruling in tax is also one such step in
the same direction.”
The
Union Budget had measures to enhance, the ease of doing business, like
simplification of rules and compliances for businesses. He also said,
“We would have liked to see some of similar measures taken in the Real
Estate sector as well, especially to do with the procedures regarding
TDS on purchase of property.”
The
Realty Industry had expected the Tax Exemption on home loan to be
enhanced to around 3lacs, but it was only increased to 2lacs, which is a
marginal change but nevertheless a positive change. Overall we feel
that the budget will support the real estate market and boost
buyer-investor sentiment.
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