January 28 2016, 18.08 PM IST || Pocket News Alert
While we are extremely happy at the commencement of this initiative including the list of first 20 smart cities that has qualified for Central Government funding, we would have hoped that The National Capital Region of Delhi which at the top state of these funding would have made to the list. While New Delhi is there amongst first 20 cities we hope areas like Ghaziabad, Noida, Greater Noida, Yamuna Expressway and Gurgaon also find their place in the next list. It will greatly enhance the much needed infrastructure requirement of the area as we believe that smart cities of New Delhi surrounded by underdeveloped infrastructure will also nullify the bottom up approach that has been the key planning principle under the Smart City mission.
Budget Expectations for Real Estate Sector
Mr. Aman Agarwal, Governing Council Member NAREDCO & Director, KV Developers says
“Real estate industry is optimistic towards the upcoming budget, as it is 2nd largest contributor to the GDP and also supports almost 250 subordinating sectors like, ceramics, fittings and fixtures, electric and electrical equipments, cement, labour etc. Always having this huge potential, if given a little fillip, real estate would play an important role in propelling GDP further and would help it reach magic figure of 10% in next two-three years. Though most of the policy frameworks in real estate sector come under state government’s purview, there are still many fiscal and monetary stimuli the Union Government can award to this sector to give a boost.
First is bringing real estate into infrastructure ambit. This will ensure application of infrastructure policies to this sector as well and will directly benefit the sector in terms of availability of funds.
Secondly, government should extend home loan principal repayment exemption limit upto Rs 5 Lakh from taxable income under Section 80C/80CCC/80CCD. This is an immediate requirement which will benefit home buyers’ pockets and in turn will boost sales. We expect that this time Finance Minister will revise the various taxation policy framework for common man and industry as well.”
Pre Budget expectation quote by Dr. Anil Kumar Sharma, CMD, Amrapali Group
"To achieve the mission of ‘housing for all by 2022’, government need to give appropriate income tax rebate & tax sops on the purchase of the affordable home. They have to restructure the bank loans and give single window nod for realty project to avoid the approval delays. Also, in terms of promoting affordable housing the section 80 IB (10) should be reintroduced in the budget for 2016-17 fiscal years. Last but not the least, Industry status for the housing sector will help the developers to get bank loans@ less interest rate and pass on the benefits of affordable housing to end users." Dr. Anil Kr. Sharma, CMD, Amrapali Group
