Unfriendly budget, say developers
Feb 18, 2014
Source : The Times of India


PUNE: Finance minister may have responded to the auto sector issues but has let down the real estate sector, said players from the construction industry reacting to the budget on February 17.

Sachin Kulkarni, managing director, Vastushodh Projects, said the budget did not have anything to encourage people to buy homes.

“There aren’t any friendly offerings for the real estate segment,” he said.

Players rued how the “industry” status still evaded the sector, which is responsible for creating many jobs. Managing director of City Corporation Ltd Aniruddha Deshpande said he hoped the final budget for the year 2014 gives a push to real estate, which is so far a non-priority sector despite its potential to generate income and facilitate inclusive growth.

Anuj Puri, chairman and head, Jones Lang LaSalle India, said resolving issues of realty sector involves fiscal adjustments to key real estate-linked policies and may even require constitutional amendments. It was therefore self-evident that the current vote on account budget would not hold anything of real consequence in store for the real estate sector.


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