Importance to realty sector in Budget 2014-15 heralds “acche din”
The new NDA government’s recently-presented first budget – the Budget 2014-15 – has given noticeable prominence to the real estate sector, which is awaiting a revival of sorts in recent times.
With the realty sector nurturing the hope of rapid development and growth ever since the new government took charge, the Confederation of Real Estate Developers’ Associations of India (Credai) has expressed the confidence that the Budget’s liberal norms for FDI and tax incentives for REITs (real estate investment trusts) will trigger the resurgence of the realty industry.
In addition, asserting that “acche din” will soon arrive for the realty sector, Credai has also hailed the government’s focus on affordable housing, infrastructure, as well as the Rs 7,060-crore budget allocation for developing or upgrading 100 smart cities. Moreover, the government has also promised to deliver `pucca’ housing for all by the year 2022.
Credai president C Shekar Reddy acknowledged the fact that Finance Minister Arun Jaitley has accepted the realty industry’s demand for “easing the norms for FDI in the real estate sector.”
Other realty experts have also lauded the move, saying that the relaxation in FDI norms for real estate will also pave the way for a new stream of cheaper money for developers.
Source- The Times of India (Delhi Edition)
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