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New Delhi: The real estate industry, which is reeling under the credit crunch and slump in demand, expressed its unhappiness for not announcing any specific incentives in the Budget, but said the overall thrust on infrastructure development would benefit the sector.
The country's second-largest realty firm, Unitech, Managing Director Sanjay Chandra said the overall push to infrastructure sector was a positive development, but expressed dissatisfaction that the Budget did not provided any incentive to boost affordable housing.
"The increased spending on infrastructure and highways will stimulate economic growth...but I wish the Finance Minister would have announced some incentive for the affordable housing sector," Chandra added.
Navin Raheja, MD, Raheja Developers said, “The FM has totally ignored current business and social scenario. Globally, there was a hope that the positive signs of Indian economy will turn into realty after budget and Government will take the corrective and practical approach for improving the overall economy. The budget has failed to shore up the housing requirement for general public”.
Global real estate consultant Jones Lang LaSalle Meghraj Chairman and Country Head Anuj Puri said: "The Budget did not mention FDI into the real estate sector or REITs and REMFs. We are also disappointed about the lack of affirmative action on increasing tax exemptions on housing loans, principal repayment and interest".
There was lack of measures in terms of end-user facilitation, boosting of buyer sentiments and the growth of mass housing, he added.
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