‘Budget 2016 is well balanced and pragmatic’- Nirmal Lifestyle
Nirmal Lifestyle, one of the leading real estate entities highlights that the Union Budget announced by the Finance minister Arun Jaitley on 29th February 2016 is favorable for the real estate sector. It has met the major expectations of the real estate sector – the removal of DDT from REITs, increased HRA deduction, and boost to affordable housing by allowing 100% deduction on profits made by entities constructing them. The company states that the Union Budget announcement is likely to boost the real estate sector and bring in cheer for both the home buyers as well as the developers.
Prior to the announcement of the budget, Nirmal Lifestyle Group focused on the crucial aspects of Infrastructure Status, Easier Credit policy and Speedy Approvals in Real estate, the industry reeling under a slump for a long time. Focusing on the favorable aspects of the Union budget, Mr. Dharmesh Jain, Chairman and Managing Director, Nirmal Lifestyle stated that, “The emphasis on infrastructure and affordable housing is the key highlight in this budget which is likely to boost the real estate sector. Government’s announcement on spending 2, 21, 246 crore on infrastructure will definitely prove to be a great move. Government announcing no service tax for houses less than 60 square metres in non-metros and less than 30 square metres in metros is a welcoming move but it would have been great if the size of these houses would have been uniform for both metro & non metro cities. Abolishing DDT on income from REITs will serve as an added advantage. All-in-all, it is a growth oriented budget for the real estate sector.”
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