Budget Reactions: Budget disappoints home seekers, realty industry: Summer

Deepak Shah
Sumer Infrastructure

"It is a very disappointing Budget especially, for the home seekers and realty industry. One per cent of TDS on property of above Rs 50 lakh will discourage the industry in urban areas. It is high time that the real estate industry gets much required ‘infrastructure’ status. We expected some announcement pertaining to it but unfortunately it has not come. At least, in the affordable housing segment, this requirement is pivotal. If granted, the industry will see a boom and also the poor people will be able to join the mainstream in urban India. The ‘infrastructure’ status will help the developers to secure long-term bank funding at lower interest rates. This would reduce the cost of construction which will make the affordable housing more economical. The beneficiaries will also get easy term housing loans.”

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