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Union Budget wishlist from real estate sector - 18 February, 2015

* Mehul Thakur – Director, Viva Homes:

“Infrastructural development has been at the forefront of the new government’s agenda on account of its potential to propel the country’s economic growth. India’s real estate market has already seen the positive impact of this. Hence, in order to maintain the growth of the sector, it is imperative to introduce policies and incentives that will boost the sector in the Union Budget 2015-16.”

Starting with support to incentivise affordable housing and permit higher tax exemption limits for home buyers, we have great expectations from this budget. The government should also focus on ensuring a separate industry status for real estate which will help boost domestic bank lending, increase Foreign Direct Investment into the sector and ease external commercial borrowing. Single window clearances for the real estate sector will also help in curbing costs and therefore, significantly boost the affordable housing market.

Another focus for the government for 2015-16 should be revising the current FSI rules for ensuring a better vertical growth of the city.”

* Kamal Khetan, CMD, Sunteck Realty Ltd

1. Pacing up infrastructural development should be the primary focus of the government. Infrastructure is important when it comes to real estate development being viable not only in new micro markets but also in established micro markets that have witnessed stagnation on account of an infrastructure deadlock.

2. Easing interest rate should be another primary focus of the union budget. Real estate industry would be positively affected by it as cutting down interest rates means an increased liquidity flow in the economy. Consequently, real estate will reap rich dividends. Moreover, if banks cut down the loan interest rate, buyers with disposable income would invest in the realty sector.

3. Single window clearance system must be introduced. Due to complexities of government channels, many projects get halted and delivery is delayed. A speedy completion of stalled projects is essential.

4. Clearer and loophole-free policies are shall be introduced. Frequent change in policies and regulations affect the construction. A clearer, faster and more transparent execution.

5. Macro Investment Initiatives to Boost REIT’S and FDI that encourage and foster development of the country at large and usher in a demand and supply balance need to assume key focus stated Kamal Khetan, CMD, Sunteck Realty Ltd.

* Hariprakash Pandey, Vice President, Finance and Investor Relations, HDIL

We expect that this Budget will be growth oriented, one that would fuel in investments and through reform measures and stable taxation policies, would facilitate ease of doing business in India.

Even though there have been a slew of reform announcements in recent times, one expects to hear some more reformative measures being announced on the floor of Lok Sabha during this budget session.

Granting ‘infrastructure’ status to the real estate sector and a single window clearance mechanism have been two of our long pending demands. These would enable easy flow of funds to the sector and fast track the approval process thereby enabling removal of impediments from the growth of the real estate sector. We expect further boost for the affordable housing sector.

Formal announcement of implementation of GST (Goods and Services Tax) will be a key booster for the overall economy.

* Shailesh Puranik, Managing Director, Puranik Builders

The real estate industry is very hopeful about the financial budget to be announced. We have seen series of favorable policies being announced in the past few months. Keeping the same mode, we are expecting a slew of policies that would enhance growth in the real estate sector. We are also expecting that this budget will fulfill some long pending demands of the sector such as granting of industrial status to the real estate sector and single window scheme to speed up the clearances for projects. We expect the government’s intervention through budget to reduce taxes and interest rates for home buyers and encourage them to purchase their dream home, he added.

Mayur Shah, Managing Director, Marathon Grou*

With the series of announcements made by the Union Government immediately after taking the chair has imposed great optimism among the real estate stakeholders. We are extremely hopeful for an impressive Union budget that would boost growth and sales in the sector. We are also expecting that the long pending demands of the real estate & housing at par with infrastructure and speedy one window approvals. We are also sure that the government will take certain steps to reduce the interest rates and make it easier for a common man to buy a house in Mumbai.

* Abhishek Kapoor – Parner, Neumec Group

The real estate industry is looking forward to this budget as it will be a first full-fledged budget after the new government’s formation. We have seen a spur of economic, social and international announcements in the recent past and hope to see something for the real estate sector too in the upcoming budget. If the sector is given industry status it will give a major impetus in the form of funding, tax incentives to affordable housing across the country. Single window clearance, regulatory bill and faster approvals has long been on the wish list and we hope the government will address it this time around. With all of this, there’s an urgent need to relook at the land bill and the real estate regulatory bill.

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