Interim Budget 2019: Realty industry welcomes interim budget saying many tax proposals will give needed fillip to sector

As finance minister Piyush Goyal presents the National Democratic Alliance’s (NDA) sixth and final budget, an interim one. This budget is for the new India and is meant for all Indian. The interim finance minister Piyush Goyal apportioned a mammoth budgetary support of approximately Rs.4.56 lakh crore under the union budget for the infrastructure sector for financial year 2019-20. This includes roadways, railways, shipping and aviation. The realty industry has welcomed the interim budget saying the many tax proposals will give the needed fillip to the sector that has reeling since the past two years with severe liquidity crisis and demand slowdown. Here is a reaction from some of the industry players from different sectors: Mr. Nakul Himatsingka, Managing Director, Ideal Group “The optimistic vibes of this Interim Budget will undoubtedly manifest itself positively with time. The rebates for Individual Tax Payers, increase in the Standard Deduction & TDS threshold from Rental Income, the benefit of roll over of Capital Tax gains, exemption of tax on 2nd self-occupied home, will play significant roles in positively influencing buyer sentiment. We hope this results in an increase in our Sales figures and nudges fence sitters.” Mr. Rishi Jain, Managing Director, Jain Group “It is a well-balanced and very mature budget. The FM has nicely walked the path of fulfilling the BJP election mandate of populist measures without overburdening the Economy with mindless doles and subsidies. I half expected more loan waivers and cross-subsidization, but interest subvention is a much prudent measure, clearly, there is great maturity evident in these proposals.The Real Estate sector has reasons to celebrate even though the measures are purely incremental and not structural. The easing of the notional rent was a big relief, this spectre has been haunting developers for some time now. I welcome the move immensely. The housing for all motive is evident from affordable housing impetus, that is also wonderful news. The Capital gain relaxation, the TDS relaxation are all measures to remove government hindrances in transacting property. Undoubtedly, the real estate sector is bound to see revival ahead, how much and how quickly is anyone's guess. But revival is just around the corner and the government is signalling happy times, rather achche din ahead.” Mr. Sachchidanand Rai, Chairman Eden Realty Group “Proposal for appointment of a Group of Ministers to reduce GST burden on home buyers, removal of tax on notional rent for second home, extension of period to 2 years on tax exemption on notional rent for unsold stock, etc are all welcome steps. The revision of income tax slab is also expected to leave more money in the pockets of home buyers. I had also expected 100% subsidy on Rooftop Solar installations to the Affordable Housing projects to encourage Use of Renewable Energy by Jan Sadharan and help reduce the maintenance cost of the projects.” Mr. B.L Mittal, Founder and Executive Chairman, Sastasundar.com “The budget 2019-2020 presented by Mr. Piyush Goyal, Finance Minister, is a very good budget and will take India forward. SastaSundar.com, being a digital platform of healthcare, is happy to note that digital India, healthcare and wellness are being considered as important visions for the New India. The direct cash transfer to farmers and income tax relief to the middle income group are welcome steps as well.” Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd “This interim budget is Pro growth budget focusing on development of the Economy through allocation to health, benefits to farmers, boost to real estate by giving relief in notional income and capital gain to second self-occupied houses. The long awaited relief has been granted to common man by increasing the income tax slab to Rs. 5 lacs and other similar concessions being passed on. This is helpful to small tax-payers. The budget has focussed on middle class salaried people, senior citizens and unorganised labour."