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Industry Reaction - Budget 2008
People friendly budget leaving much to be desired for the realty sector
Mr. Punit Beriwala - Managing Director - Vipul Ltd
"The Union Budget 2008-09 has been more of a populist budget leaving much to be desired for the real estate sector. While there have been a slew of measure for improving the social infrastructure, the real estate sector demands have not been addressed to.
The 5-year tax holiday for setting up hospitals in non-urban cities/tier-2 and tier-3 towns and the 5-year tax holiday for setting 2-star, 3-star and 4-star hotels in UNESCO declared world heritage sites was a welcome step. The benefits would have multiplied if such sops were given across the other verticals of the realty. The thrust on infrastrucutre is evident with increasing provisions for JNNURM and NHDP and will go a long way in addressing the infrastructure and housing needs of the economy.
Our long pending demand for granting the industry status to realty is also not met. IT would have had a multiplier effect on the growth of the sector and also eased its financing needs."
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