Anil Sharma, Brotin Banerjee and Getamber Anand on real estate and Union Budget 2016
The Union Budget 2016 was presented in parliament with lots of hopes and improvements’ scope in rural areas along with affordable housing schemes. Numerous land developers expressed their expectation pre-budget presentation and contentment post-budget presentation. They all agree to the point that affordable housing projects’ development may help in reviving slow realty industry.
Anil Sharma, CMD, Amrapali Group said, “The supply of affordable housing projects would go up in tier ll and tier lll cities, checking the rise in price. Industry status for the housing sector will help the developers to get bank loans at less interest rate and pass on the benefits of affordable housing to end users. By keeping interest rates below the 9% and repo rates stabilized for housing sector will help buyers to show their interest to invest in realty sector that will help to boost our GDP to double figures and fulfill the mission “Housing for All 2022“.
Other realty experts also had a say in it, like the MD and CEO of Tata Housing, Brotin Banerjee, who said “additional exemption of Rs. 50,000 for houses under Rs. 50 lakhs will help bring in first buyers to the market…We may see a lot of traction in the affordable housing space”.
Even the CREDAI president, Getamber Anand expressed his feelings on the expectations meeting reality, where he said, “It is overall a very positive budget for the real estate sector and CREDAI is certain that this will spur the market and induce the home buyer who has been waiting ever since for some special incentive to actually be able to buy a house. The Finance Minister has taken the right steps to boost housing sector and ensure that ‘Housing for All by 2022’ becomes reality.”