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Industry Reaction - Budget 2008
Omaxe terms budget as focusing only on common man but not addressing the demands of real estate sector
Mr. Rohtas Goel - Omaxe Ltd
 New Delhi, 29 February, 2008: Omaxe the leading real estate developer from India has expressed disappointment over the announcement of Union Budget stating that there has been not much any thrust on the real estate sector.
Chairman and Managing Director, Mr Rohtas Goel said, "Budget for 08-09 has a lot to offer to common man, education and social needs propelling the social growth of India. It has however failed to come up to the expectations of the industry especially real estate and infrastructure. Many pending demands are left behind such as industry status to real estate sector. Other demands like duties and taxes pertaining to the sector have also not been addressed appropriately leaving much to be desired."
"While select benefits have been granted under sec 80 I (B) we were expecting that such benefits will be made available across the other verticals as well. Demand for availability of easy finance to the sector has also not been appropriately met. An enhanced tax from 2 % to 4% on construction works contract is also negative for real estate developers."
"However, waiver in excise duty on buying bulk cement and steel is a benefit margin for all real estate and infrastructure developers. Allocation of funds for national highways, knowledge centers, textile parks will further boost our society. Waiver in CST by 2 percent is the next step towards rationalization of tax structure across the country which will give an impetus to the industry," Mr Goel added.
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