The first budget announcement by the re-elected Government has brought some cheer to the real estate industry. Announcements like additional tax benefit of Rs 1.5 lakhs for affordable home buyers, more initiatives towards skill development and more focus on affordable housing to achieve ‘Housing for All by 2022’ have created majorly a happy environment for the sector. However, not everyone shares the same opinion. We are glad to share with you some Post Union Budget 2019 reactions from who's who of the real estate and construction industry and important Builders, Material Manufacturers, Architects, Designers in the country.
Keep on following for the latest ones.
Budget will bring ease of living for common citizens along with welfare for the poor in the village. Investing in rural infrastructure will lead to more job opportunities in villages - PM Narendra Modi
“The government’s idea to provide affordable housing will be a possibility in almost all the cities except Mumbai where there is a paucity of land. I believe that the additional incentive of Rs 1.5 lakh on interest on loans borrowed under the affordable housing would give a boost to the real estate sector further.” Mr. Niranjan Hiranandani, National President, Naredco
“The Union Budget of 2019 has targeted pain areas and vowed to alleviate them with medium-term strategic plans for a faster growth rate. While lending superior support to real estate and NBFCs, the Government of India has also proposed recapitalization of Public Sector Banks which will improve their ability to lend and invest. It will help in improving the GDP growth rate led by consumption in India.” - Mr. Ashok Kumar Bhaiya, CMD, Aludecor
The government has announced to continue with its thrust for Affordable Housing. This is a big move as it will benefit a broader segment of home buyers and increase demand going forward. The support of Rs. 1 lakh crore by Government to NBFCs will help solve liquidity crisis to some extent which will indirectly help the recovery of the real estate sector."-Mr. Navin Makhija, Managing Director, The Wadhwa Group
"The Budget is not so growth- oriented. The stock market has also come down considerably."-Mr. Adi Godrej, Chairman, Godrej Group
"The Government allowing FII’s and FPI’s to invest in their debt papers alongside a one-time, six-month partial credit of INR 1 lakh crore to PSB’s for the purchase of high-rated NBFC assets shall be a positive step in resolving the liquidity crisis faced by NBFC’s." -Mr. Amit Wadhwani-CoFounder, SECCPL
"Key reforms that will impact the spokes of the real estate system are the NRI portfolio with FPI route, reforming of rental laws, the introduction of newer amenities and deduction in home loans for the affordable housing segment. Housing for ALL by 2022, will definitely transition from a dream to reality if we keep the pace and work towards the goal."-Mr. Farshid Cooper, MD, Spenta Corporation
“The formation of the National Research Foundation will give a lot of fillip to research and innovation in the country. The emphasis on making youth job-ready by training them in new age skills like AI, Big Data, etc. is a reflection of the Government’s futuristic approach and should help generate new employment opportunities. I would like to see Design and Innovation get more prominence as a route to economic success.” - Professor Nandita Abraham, President, Pearl Academy
"Union Budget 2019 is a budget conducive to the real estate sector. Although issues like single window clearance and Input Tax Credits (ITC) benefits in GST weren’t addressed, multiple pro-industry reforms majorly outweigh the few misses."- Mr. Madhusudhan G., Chairman and MD, Sumadhura Group
"The government’s move on building 1.95 crore affordable houses under the PMAY scheme will be beneficial to home buyers and developers who have invested in the segment. The tenancy law will ease out the process of renting which in turn will bring transparency during the agreement." - Mr. Abhishek Lodha, Managing Director & CEO, Lodha Group
"The re-elected government was inclined and focused towards affordable housing. Additional exemption in income tax on home loans under affordable housing by 1.5 lakhs for homes up to 45 lakhs is a good step by the Government. This will encourage more and more fence sitters and first-time home buyers to take quick decisions regarding property purchase." - Mr. Gaurav Gupta, Director, Omkar Realtors & Developers
"At first glance, the Budget 2019 looks promising particularly for the affordable housing segment. The budget focuses on making housing more affordable for the masses and arranges GST cuts as well as promotes affordable housing for weaker section through credit linked subsidy." Mr. Pranay Goyal, Managing Director, Wedevelopment
"This is a well calibrated ‘Scale up India’ Budget focused on Start – ups and Rural India; bringing ‘Connectivity’ as the major thrust area to minimise the rural and urban divide." Mr. M Murali, Chairman and Managing Director, Shriram Properties Ltd.
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