“The Union Budget announcement in relation to Real Estate sector is very marginal although there is extension of concession on certain taxes for another year. But they have fallen short when it comes to the definition of affordable housing, which is limited to 45 lacs, it may be relevant to tier – 2 cities but not for tier- 1 cities. We were hoping the limit would go upto 65 lakhs, which is the definition according to RBI guidelines. Although the overall budget is good in vision upto 2025, whether it is aspirational India or economic development but in direct taxes, they have fallen woefully short of industry’s expectations. But the corporate world would be happy with the DDT exemption and in terms of funds, sovereign funds will be happy about the tax exemptions on their interest earning etc.
As an individual, they have reduced the taxes but they have also reduced the exemptions, which needs to be seen as the impact varies from person to person. But I’m disappointed with the overall budget, it’s another opportunity lost like last year, good in vision statement but whether it will improve the economy in the immediate term is very doubtful”.