Realtors on Friday hailed the government's decision to cut corporate tax, saying the move will have a ripple effect on all sectors including real estate, improve liquidity of cash-starved developers and boost property demand especially in the commercial segment.
ealtors' apex body CREDAI Chairman Jaxay Shah said: "It's a full house blockbuster Friday for India Inc.! Game changer announcements. Market sentiment will change completely in all sectors including real estate".
"It is a due corrective step by the Centre to uplift investor's sentiment and prompt investment back in drying up Indian economy. The move is well intended to revive growth traction of the economy," said Niranjan Hiranandani, President, NAREDCO.
CREDAI President Satish Magar added: "The series of announcements by FM are most reassuring as they tell of the Government being sensitive to the economic needs of the people. We are most hopeful that the special needs of housing would soon get addressed to further accelerate the investment cycle."
Property consultant Anarock Chairman Anuj Puri said: "This big-bang move will have a rippling impact on all sectors including real estate as it will encourage foreign institutional investors to invest in the country."
Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE, said: "The tax announcement is indeed a welcome measure and will definitely boost the Government's ambitious Make in India programme."
Dhruv Agarwala, group CEO of PropTiger and Housing.com, said: "Slowing consumption and falling private investment were both pulling down GDP growth. Today's announcement to reduce corporate tax rates by almost 10 per cent should help in kickstarting a fresh private investment cycle."
Prashant Solomon, MD, Chintels India said: "For the Real estate sector this is an added benefit as it will encourage new entrants across the 200 ancillary industries that are essential to the sector's growth."
Taranpreet Singh, Tass Advisors Partner, said: "A pre-Diwali bonanza announced by the Finance Minister with primarily 2 objectives -- firstly to promote industrial production and achieve the Make in India motive of the Modi-led government, secondly, to foster positive signs to the glooming stock market."
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