Subsidies Can't Be Essence of Survival for Realty Sector: Jaitley
The realty sector will be the next big mover as far as the Indian economy was concerned.
Oct 31, 2015
Source : NDTV PROFIT
Finance Minister Arun Jaitley

 

Mumbai : Hopeful that the age of slowdown will end soon for the real estate industry, Finance Minister Arun Jaitley on Saturday said the sector must survive on market economy and subsidies should not be the "essence of survival".

He also asked the sector to submit taxation-related suggestions to the recently-appointed panel on tax issues and said the government would seriously look into the committee's final recommendations.

Speaking at a housing market conference here attended by real estate players and housing finance firms, Mr Jaitley said the sector will be the next big mover as far as the Indian economy was concerned.

He said that easier availability of land for housing is very important while interest rates have already come down to bring down the cost of funding.

"The real estate should survive on market economy (and) subsidies should not be essence of survival for the industry," Mr Jaitley said.

He said that inflation has been brought under control and the Reserve Bank of India has already cut rates four times this year, adding that this was a positive for the sector and "hopefully those moves are here to stay".

"Age of slowdown for realty sector should now come to an end," he said.

On macro issues, the Finance Minister said the global environment has not been helpful and the impact was visible in exports slowing down in India.

"The biggest strength of India and the silver lining is its resilience... Our systematic firewalls have to be such that the ability to resist the global volatility are strengthened," he said.

"We are unquestionably one of the fastest, if not the fastest growing major economies... On revenue collection, the indications look more on the optimistic side," Mr Jaitley said.

The minister further said that the savings from low global commodity prices were being used in irrigation and infrastructure while improving the health of power sector was also one of the most important tasks.

"After roads and highways, very soon we will be looking into the issues of the power sector," Mr Jaitley said.

 

#FinanceMinister #ArunJaitly at #MCHI #Credai #BankCon #Mumbaihttp://www.gharabari.com/news-india-Subsidies-Can't-Be-Essence-of-Survival-for-Realty-Sector-Jaitley-16493

Posted by Gharabari.com on Saturday, October 31, 2015

Latest Realty News

Arun-Jaitley-Hopes-Low-Interest-Rates,-Inflation-to-Stay
Oct 31, 2015
Mumbai: Finance Minister Arun Jaitley said on Saturday he hoped interest rates and inflation would remain low to help revive the economy.
Canada-Pension-Fund-Ready-to-Invest-$2-Bn-in-Mumbai-Housing:-Maharashtra-Chief-Minister
Oct 31, 2015
Mumbai: Canada's pension fund is ready to invest $2 billion (Rs 13,000 crore at $1 = Rs 65) in affordable housing in Mumbai, Maharashtra Chief Minister Devendra Fadnavis said, in a move that would boost Prime Minister Narendra Modi's goal of providing cheap housing to millions of people.
CT-search-on-real-estate-developers,-jewellers
Oct 31, 2015
INDORE: Anti-evasion wing of commercial tax department, Madhya Pradesh, carried out search on the office and residential premises of some real estate developers, jewellers and telecom companies in city on Friday.
First-of-its-kind-app-for-booking-property-launched-
Oct 31, 2015
LUCKNOW: Eliminating brokers who take away a large commission for every deal in the real estate sector, Paarth Infrabuild Ltd has launched a mobile based app which will help subscribers to select and book properties of their choice.
Maharashtra-to-use-no-development-defence-zones-for-affordable-housing-in-Mumbai
Oct 30, 2015
MUMBAI: The government of Maharashtra is considering opening up land parcels under the no-development zones as well as plots belonging to Indian defence personnel in an effort to build affordable houses in Mumbai, said Prakash Mehta, minister of housing, labour & mines.
Oberoi-Realty-Launches-25-Acre-Mumbai-Residential-Project
Oct 29, 2015
Oberoi Realty has launched a 25-acre residential project in Mumbai's Borivali called 'Sky City'.
Government-set-to-ease-housing-approvals
Oct 29, 2015
NEW DELHI: Government departments involved in granting approvals for construction projects in cities and towns will now come out with necessary notifications by November-end for streamlining approvals for time-bound and hassle-free clearances. This will mean applicants don't have to bring their cases to Delhi for different clearances.
CCI-Rejects-Charges-Against-Jaypee-Group;-2-Members-Dissent
Oct 29, 2015
New Delhi: By a majority order, the Competition Commission of India has dismissed charges of dominant market position abuse against Jaiprakash Associates in the real estate sector.
Tata-Housing-Sells-250-Flats-Worth-Rs-100-Crore-in-Goa:-Report
Oct 28, 2015
New Delhi: Realty firm Tata Housing has sold 250 flats, worth over Rs 100 crore, from its housing project at Goa.
Bhasin-Group-Plans-to-Build-Rs-150-Cr-Noida-Tower-in-99-Days
Oct 28, 2015
New Delhi: Realty firm Bhasin Group on Tuesday said it will invest Rs 150 crore on construction of a 33-storey commercial tower in Noida in mere 99 days, a sort of record for the national capital region.

Latest Realty News Of State

Realty Talk's