The most awaited political element - budget 2014 was unvield on 11 July 2014, after the downfall of the Congressmen after 15 long years and the attainment of the political throne by the Bhartiya Janta Party led Modi government. The budget 2014 was released from the cage by the Finance Minister Arun Jaitely.
People of the democratic country, India were undergoing great expectations from the new government which broke the past records of election. The 2014‑15 Budget marks a major step by the Government to transform the role of government in people's lives.The Unoin Budget 2014 has tried to include several regions for their growth and development ranging from Foreign Direct Investment (FDI) which will be increased to 49% accordingly with full Indian management and control through the Forum for International Trade Training (FIPB) route and transportation sector which has promised to increase number of trains and increase the facilities such as establishment of food court at railway stations, electric car for physically challenged people, hence generating employment opportunities.
One of the major sector which, if given a little fillip can help boost the economy of the country and help increase the Gross Domestic Product (GDP). The real estate and housing sector were expecting several reforms this time. The positive signs are not limited to the real estate development end only. Measures have been taken to enhance consumption in the housing sector as well. Interestingly, the housing loan rebate on self-occupied property has been increased from Rs 1, 50,000 to Rs 2, 00,000.Various big real estate personnel gave their views related to their budget expectations either before or after.
Emaar MGF spokesperson said: “We finally have a reason to feel good about this budget. We believe the measures announced by the Government will fuel the real estate sector’s growth, thereby adding to India’s GDP. The Government’s commitment to allow REITs is a step in the right direction and long overdue.”
Amrapali spokesperson said: "Everyone has his own set of expectations from the new NDA government’s budget and so does the infrastructure sector. Amrapali group’s Managing Director Anil Sharma spoke to National Nosocomial Infections Surveillance (NNIS)System about his expectations as well as hopes from the budget that will be presented in Parliament on July 10. He said he has a belief that the NDA government will satisfy all sectors with the budget."
DLF spokesperson said:"Need more clarity on double taxation of REIT."
Spokesperson for Emaar MGF added: “The Realty industry had expected the Tax Exemption on home loan to be enhanced to around 3lacs, but it was only increased to 2 Lacs, which is a marginal change but nevertheless a positive change. Overall, we feel that the budget will support the real estate market and boost buyer-investor sentiment."
We are expecting growth which will speak in itself after the new government is onboard and which will take the economy at a par on the path of growth and prosperity and hence cross the border of developed nation.
For more information:
http://www.moneylife.in/business-wire-news/emaar-mgf-budget-promises-to-trigger-revival-of-indias-real-estate/39969.html http://www.moneycontrol.com/news/business/budget-2014-need-moreclaritydouble-taxationreits-says-dlf-cfo_1120730.html
