Budget Reaction from Mr Sanjay Malhotra, CEO, Emaar India
Saurabh Shrivastava Tennews
“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.
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.
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.”
Budget Reaction from Vishvaraj Infrastructure Ltd Chairman and Managing Director Mr. Arun Lakhani
“A big infrastructure push along with a substantial hike in provisions for the National Highways in the Union Budget for 2017-18 is a major takeaway and I congratulate the Finance Minister for the growth oriented approach. A 25% higher capital expenditure is sure to give the economy a big growth momentum. Priority to doubling of farm income and rural development makes it a balanced and inclusive budget.
The focus on rural sector, large allocation of Rs 3.96 lakh crore for infrastructure development and social spending are welcome moves. New dispute resolution mechanism for quick dispute settlements and abolishing FIPB will improve the ease of investing in India along with the push on digital that will bring in efficiency and eradicate corruption. Addressing arsenic and fluoride menace in 28,000 villages gives the budget a human touch while reducing corporate tax rate by 25% for MSME and the move to curb cash donations for political funding are very good moves.”
