“We were not looking at drastic measures to be taken, rather, simple, small steps, all working towards the goal of enhancing the real estate sector. I believe this has been done with this budget,“ Suresh Hari, secretary of industry body Credai Bengaluru, said.
Prestige chairman Irfan Razack said that granting infrastructure status to affordable housing will give developers operating in this segment access more funds from banks.
Increasing the area of an affordable housing unit from 30 & 60 square metre built-up area to 30 & 60 square metre carpet area will provide an extra 25% to 30% more space in this category. “It’s a big boost to the common man and affordability,“ Brigade’s chief executive of residential segment Om Ahuja said.
“Extending the time horizon for project completion from 3 years to 5 years to avail tax benefits will encour age more developers to look at this segment seriously,“ Ahuja added.
Puravankara MD Ashish Puravankara has said that payment of capital gains by the landlord on joint development (JD) agreements in the year of completion was a welcome move. “This will enable real estate companies to pursue development without further infusion of capital in the acquisition,“ he said.
Sobha managing director J C Sharma has said that the government has sent a clear message that it is keen to support the sector which has been in the doldrums.
“In return they want us to also focus on affordable housing which has been its priority,“ he said.
Courtesy By :Times of India