As Finance Minister Nirmala Sitharaman readies to unveil her maiden Union Budget on July 5, 2019, Real Estate developers from Kolkata shares their expectations before the full Union Budget 2019 from the first budget of Modi Sarkar 2.0 .
Mr. NakulHimatsingka, Managing Director, Ideal Group
Aid to liquidity crunch like refinance NBFC, which is a major concern among the developers to complete the projects which will directly affect the conducive growth of the economy with the real estate sector contributing to majorly to country’s GDP.
Mr Rishi Jain, Managing Director, Jain Group
This Budget will essentially send out the feelers and first signals of what the Modi2.0 government’s economic agendas are.
As with any budget the Industry expects some stimulus to turn the economic wheels faster. Revival of 80IB , GST revisions and facilitating better credit opportunities from Banks and NBFCs are some expectations of the Real Estate Developer fraternity.
On the Hospitality front again, the GST rates on semi luxury properties should be revised and stimulus to develop asset heavy properties are need of the hour.
The Finance Minister needs to show her awareness about the business scenarios at the ground level. She has to strike a balance between improving ease of doing business of MSMEs as well as give reasons to cheer for the Public at large. It will be interesting to see how this balance is maintained.
Mr. Sanjay Jain, Managing Director, Siddha
- We are expecting that the GST council should reconsider and allow the adjustment of the input benefit with the output benefit which will eventually lower the cost of properties
- For low cost housing this reconsideration it is essential as the adjustment of GST with input and output will lower the cost , and without which low cost housing is not possible
- We are expecting reduction in the home loan interest rate which will directly affect the consumers; it will help the consumers to pay lesser installment amount and that reciprocal effect will boost the industry
Mr Abhishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Ltd.
Our expectation from this year’s Union Budget will be reduction in home loan rates for home buyers with more tax benefits to the consumers. Also, a GST rate revision (for home buyers) is expected by the realty sector in this year’s budget. A revised and buyer-friendly GST rate would help boost the realty sector, especially in the affordable housing segment.
Budget should usher in policies that will help in the growth of the overall economy
We expect budget to be progressive to revive the economy and create positive business sentiments. It should usher in policies that will help in the growth of the overall economy by providing fillip through a boost in consumption. We await a forward-looking budget that would act as a catalyst for higher demands and spur spending across bottom-of-pyramid consumers as well as lower middle class consumers.
Given the widespread poverty levels in India, education needs to play a critical role in bringing about a change across generations with primary public education standing out as the most important area of focus. The upcoming budget needs to take initiatives such as allocating bigger spending on education and push digitalisation in the education sector. It should also look at removing some hurdles in opening schools and higher education institutions in the country and the whole process can be made easier so that we can see more private sector investment flowing in the education sector.
We also expect government to take care of the issues faced by the housing sector and address them systematically to fulfil the mission of “Housing for All by 2022”.
Overall, we feel that the measures should meet the expectations of the common man, which will lead to higher consumption, enhanced liquidity in the market, increase in investment and savings, imperative to fuel India’s growth engine BY Shweta Sastri, Managing Director, Canadian International School, Bengaluru
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