Budget fails to address major concerns of realty sector, say developers

Real estate developers and property consultants expressed disappointment on the Budget for the next fiscal, saying it failed to address the huge liquidity concern of the sector and did not provide any major incentives to boost sluggish housing sales.

"The direction of the budget is progressive, however there are no sector-specific measures for the realty sector," CREDAI National Chairman Jaxay Shah said.

He welcomed the government's decisions to extend the tax benefit to boost demand and supply of affordable housing, but said the industry was eagerly waiting for the rental housing policy, one time roll over of developers' loan and the 45 lakh limit to be removed in affordable housing definition.

NAREDCO President Niranjan Hiranandani said: "The liquidity issue which is a major challenge for the economy in general and real estate in particular, here too one does not see any major relief."
Anarock Chairman Anuj Puri said the Budget misses on the 'quick fixes' the real estate sector needs urgently and focuses more on a long-term vision. "Apart from the affordable housing push and personal tax relief, no major benefits came in for resolving the current housing mess."
Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa, CBRE said: "Continuing its commitment for further strengthening the national infrastructure till the last mile, Finance Minister today presented a progressive budget and touched upon every section of the economy."
Dhruv Agarwala, Group CEO, PropTiger and Housing.com, said: "In the 2020 budget the government has decided to help the common man by reducing the income tax burden on individuals. By doing this, the government will definitely help boost consumer sentiment which will give a big fillip to consumption."