The budget speech of finance minister Pranab Mukherjee echoed mixed feelings about the real estate sector which was embroiled recently in the bank loan scam that saw the involvement of some real estate companies. Moreover the allegation of flow of easy money into the sector and subsequent directive by the Reserve Bank of India to tighten this flow painted an overall picture of lack of transparency and this too featured in the speech of the finance minister. Mr. Aditya Verma, the CEO of makaan.com said that maybe it was because of these recent events that occurred in the realty sector that Mr. Mukherjee did not make any meaningful announcement in the budget concerning the sector.
On the other hand Mr. Anuj Puri, the chairman and country head at Jones Lang LaSalle India said that the realty sector which is gradually moving on the path of revival and growth has some larger issues that required to be assessed and addressed to but the budget seems to have ignored it. However he was quick to add that the government’s focus on affordable housing has gladdened some developers. In this aspect Tata Housing seems to have gained a point as it has been implementing several low-cost and affordable housing projects through its new subsidiary named ‘Smart Value Homes Limited’.
On the other hand Mr. Anuj Puri, the chairman and country head at Jones Lang LaSalle India said that the realty sector which is gradually moving on the path of revival and growth has some larger issues that required to be assessed and addressed to but the budget seems to have ignored it. However he was quick to add that the government’s focus on affordable housing has gladdened some developers. In this aspect Tata Housing seems to have gained a point as it has been implementing several low-cost and affordable housing projects through its new subsidiary named ‘Smart Value Homes Limited’.
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