With the announcement of the Union Budget 2013-14 by Finance Minister today, Shrinivas Rao, CEO-Asia Pacific, Vestian Global said "In comparison to the previous Budget, the Union Budget 2013-14 continued its support for the housing sector.
However, the 1 percent TDS on large property transactions above INR 50L will stretch the end-users budgets as well as impact the developers negatively. Funding continues to be a challenge for developers with no announcement on REITs legislation and no industry status for the RE sector in this budget.
Due importance to infrastructural development with USD 1 trillion grant and continued support to the JNNURM scheme in the 12th 5-year plan will positively impact the real estate sector. Both residential and commercial real estate will witness a surge in demand with the development of the Bangalore-Chennai, Mumbai-Bangalore industrial corridors & industrial cities along Delhi Mumbai Industrial Corridor (DMIC), Maharashtra and Gujarat. Among other cities, Bangalore's RE sector will particularly benefit in the long run."
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