The Union Budget doesn't have any significant policy initiatives or tax incentives for the real estate sector. The Budget does propose a 1 percent Tax Deducted at Source (TDS) on property transactions. The realty index is down 9.4 percent for the week.
The Budget 2013 was a damp squib for the real estate sector. There were no significant tax incentives or policy initiatives for the sector. A year ahead of general elections, there were high expectations for affordable housing. The wishlist ranged from infrastructure status to interest subvention to tax break and the Finance Minister atleast mentioning a real estate regulator in his Budget speech, but the FM was silent.
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To discuss the impact of Budget on real estate, CNBC-TV18 spoke to a group of eminent personalities. The panel for discussion includes Irfan Razack, CMD, Prestige Group, Nitish Bhasin, Managing Director-NCR, Jones Lang LaSalle India, Sanjay Dutt, Cushman & Wakefield, Gokul Chaudhri, Partner, BMR Advisors, Anshuman Magazine, CMD, CBRE.