The introduction of the Real Estate Regulatory Act as well as demonetization last year has been extremely disruptive for the real estate sector. The government has already expressed its vision of housing for all by 2022. If this is to become a reality, they will need to provide tremendous amount of stimulus for the real estate sector so that homes become more affordable and get produced much faster to meet the objectives.

The passage of GST in Rajya Sabha is a landmark reform. A critical milestone towards Free Trade within India. It will also give a massive push to Make in India especially MSMEs. The ease and cost of doing business will receive a fillip and the width of the tax base will be enhanced.”

With a fiscal deficit target of 3.5 %, government had come up with a very growth oriented and a balanced budget which may fetch positive results in long run.

The budget has brought relief to the housing sector; however, overall expectations of the realty sector were high which have not been met.

Union Budget 2016-17 is a mixed bag for the real estate sector. We are pleased to see that the government has stuck to the 3.5 per cent fiscal target as this will give head room for the reduction in interest rates

The budget 2016 outlined the shift in focus to the rural economy as the finance minister introduced a slew of taxes and cess to be imposed on services to help rural welfare programmes.

The Budget offers various incentives including corporate tax exemption for affordable housing projects

This Budget could have done a lot more for the real estate sector. However, there were some positives. The fact that the annual housing rent reduction limit has been increased from Rs. 24000 to Rs. 60000

We would like to congratulate the Finance Minister in presenting a budget that promises economic growth through digitization, rural and skill development and heavy expenditure on infrastructure.