Removal of DDT in REIT will help in raising funds: SJR Primecorp
It was the third time that Finance Minister Arun Jaitley presented the Union Budget in the parliament. Where it proved beneficial for many industries, a few, on the other hand, were not content with the proposed budget.
‘The infrastructure sector and real estate segment in it, has been considered adequately to cater the basic needs of the Nation,’ believe the experts at SJR Primecorp. The Bangalore-based real estate developer looks at the budgetary representation with an optimistic approach as the Union government has targeted the common man and considered Affordable Housing in the same.
The official spokesperson of SJR Primecorp told a concerned media person, “The deduction of Rs 50,000 per annum on loan interest for first time home buyers is something that we liked the most, as it will hopefully boost the sale of Affordable Housing across the Nation. The convenience for the common man at this point of time, is that the loan has become cheaper for them and they need to seize this opportunity as soon as possible.”
SJR Primecorp spokesperson further added, “The removal of DDT in Real Estate Investment Trust (REIT) is another reason to appreciate the Union Budget 2016 as it will help in attracting global institutional investors towards Indian realty market, where they can explore and know that the Nation has a lot of potential when it comes to real estate. It is subsequently helpful for the developers to raise the funds for constructing the residential projects in concerned areas.”
The Union Budget has also proposed the norm of no service tax for houses built in less than 60 square meters and 30 square meters area, in non-metro and metro cities respectively. It will certainly boost the housing catering needs of the lower-middle class and middle-class families.