Wednesday, July 8, 2009

Union Budget 2009-10 - No immediate impact on Indian real estate

"Though there is no immediate impact on the real estate industry in the Budget, the finance minister has incorporated measures that have a mid- to long-term impact on urbanisation and hence on the real estate industry," says Anurag Mathur, managing director of real estate research company Cushman & Wakefield India.
"While the budget is good under the circumstances, what has been left out is a policy level pronouncement for the sector. These announcements could have gone a long way not merely in standardisation, but also in bringing transparency for the real estate sector," he felt.

Indirect boon to the real estate industry:

Anuj Puri, chairman and country head for real estate management company Jones Lang LaSalle Meghraj, said the fact that India Infrastructure Finance Company will be given more flexibility and has been authorised to raise Rs 1,00,000 crore for the development of the infrastructure sector is an indirect boon to the real estate industry.

"Of late, an increasing number of infrastructure projects have a real estate component by virtue of a cross-subsidisation principle. Therefore, boosting infrastructure projects gives an impetus to real estate as well," he said.

The fact that allocation for highway construction has been increased will mean improved and accelerated connectivity, raising the value of existing real estate along these routes and also opening up new areas for development, Puri said. According to him, the allocation increase to the Rajiv Awas Yojna will help urban slum-dwellers get better houses.
To read more, please, visit - The Times of India

Related Story:

Union Budget 2009-10 - CREDAI Pune is extremely disappointed with the government for ignoring the home and shelter aspirations of the middle classes

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