The Union Budget 2013-14: Not Met the Expectations of the Developers and Investors in the Real Estate Sector...!


Mr. Sanjay Dutt, Executive Managing Director- South Asia, Cushman & Wakefield.

This budget has followed a similar pattern of populism.

"Given the political compulsions of heading into elections next year, the overall budget focuses on the middle class and is quite populist in nature.

Additionally,the Finance Minister Mr. P. Chidambaram was also constrained in meeting the expectations of the international rating agencies, banks and financial institutes by trying to reign in the fiscal deficit, whilst still trying to promote growth through government spending. While the real estate sector had outlined a number of demands, deep down most knew that the budget would mainly focus on affordable housing, which was highlighted by the additional housing loan interest deduction, increased allocation for rural housing loans and introduction of funds for urban housing.

The budget has not met the expectations of the developers and investors in the real estate industry as it did not address their concerns on MAT and DDT taxation on SEZs,recognition as an industry / or infrastructure sector, steps to reduce the input costs and encourage more investments in real estate.

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