Feb 15 2017 | Budget Talk

BUDGET REACTION | Punit Agarwal,(M.D & C.E.O),Nirvana Realty

"Budget 2017 looks like a boon for the real estate segment, especially for the weekend home section. With the various policies introduced by the government, it is safe to say that the weekend home segment is going to see some revival that will boost the growth. The government's allocation of Rs. 64,000 crores for the development of Highways in the budget, one can easily say that this is going to boost the weekend home segment drastically. Currently, new roads of 133km/ day are getting added against the earlier average of 73 km/day.   It improved the connectivity and accessibility to the weekend home projects as they are usually situated away from the large cities. With a focus on rural India, the government has introduced various schemes for the upliftment of the regions. The major thrust is on rural infrastructural development. This will play a crucial role in the development of the weekend home segment. Also as the government is initiating schemes for social benefit of the rural population. This will lead to the up gradation of the quality of the project.  The quality of the projects in these areas would improve the quality of life of people as highly skilled workers would be involved in the construction work. The announcement of infrastructural Status for the affordable home segment will increase the demand for the weekend home projects like our Wollywood and City of Music projects that fall under the affordable home segment. This announcement will help in raising more funds both through the domestic and the foreign funding routes at a better interest rate. The allocation of Rs 3.96 lakh crore for the overall infrastructural development will eventually tremendously boost the progress of the weekend home segment. With the decrease in the tax percentage of almost 15%, the disposable income of the general public resulting in an increase the purchasing power. This will indirectly pull up the demand for holiday homes. The Government initiatives like the roll out of Incredible India-2 and the formulation of the 5 tourism zone to promote tourism will prove to be beneficial for the holiday home segment. That means an increase in footfall of International and Domestic tourist, positive for the segment"