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Post Budget Quote from Mr. Kumar Gera & Mr. Rohit Gera, Gera Developments

TGIN 24*7 - 10 July, 2014

The post budget reactions from Mr. Kumar Gera, Chairman Gera Developments & Founder President CREDAI, and Mr. Rohit Gera, MD, Gera Developments & VP CREDAI Pune Metro.

“ The House & Infrastructure sectors have found a pride of place in this budget.Housing will be impacted positively through the various budget proposals namely, Smart Cities, Real Estate Investment Trusts (REITs), easing of FDI norms, enhancing of the tax deduction limit on interest for housing loans, the Urban Renewal Program and the Housing for All Program.

These actions will lead to a positive impact of GDP growth through the positive cascading linkages that Real Estate development provides.

Undoubtedly, Housing & Infrastructure development have been considered a focus area and are accepted as a growth engine by this Government and is in contrast to the past UPA budgets.” - Mr. Kumar Gera, Chairman, Gera Developments & Founder President of CREDAI

“The budget, given the constraints faced by the Finance Minister is extremely positive for many sectors. The government has shown its focus and concern for urban development by addressing the areas of urban renewal & smart cities. With regard to real estate, there are several measures that are positive. For the home buyer, the increase in the deduction of interest paid for self-occupied homes from Rs. 1.5 lakhs to Rs. 2 lakhs is of help to the home buyer.

At a capital mobilization level, the reduction of the limits for FDI in terms of size of projects and minimum capitalization requirements will help generate additional funds for realty projects. In addition, the introduction of REITs provides access to the capital markets for income generating real estate thereby creating a new class of financial asset as well as providing an exit structure for investors investing in the development of these assets. Increased tax exemption limit will lead to big savings for income tax payers this could encourage additional investments in the housing sector.

By proposing schemes for development of airports in Tier II and Tier III cities, the FM is giving impetus to infrastructure development. This will further boost the realty sector as good infrastructure, better connectivity will provide stimulus for people to migrate from the tier 1 cities to Tier 2 & 3 cities.” - Mr. Rohit Gera, MD, Gera Developments & VP CREDAI, Pune Metro

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