Quote on behalf of developers on the budget

Mr. Arjunpreet Singh Sahni, ED, Solitairian Group:

“We welcome our honourable Finance Minister Mr. Arun Jaitly for presenting a growth oriented budget. After the last two years of disappointments this budget has definitely paved the way for increased footfalls of first time homebuyers in the market with its provision of additional deduction of Rs 50000 on home loan interest rate on the loan upto Rs 35 lakh. Moreover, the government’s decision of allocating  Rs 1000 crore fund for paying EPF of new employees till 3 years of their service may also provide additional disposable income to the new employees which will definitely help in generating their interest in investing in property with the help of home loans. Both these provisions will definitely improve real estate market sentiments.”

Mr. Pankaj Kumar Jain, Director, KW Group:

“It’s highly encouraging that the hounorable finance minister Mr. Arun Jaitly has focussed more on relieving the middle class home buyers from service sector, particularly those earning the annual income up to Rs 5 lakh. By increasing the HRA limit from Rs 60,000 for them from the earlier Rs 24,000, the finance minister has indirectly tried to save them from the double whammy of home loan EMIs and paying rent before they have been offered possession of their dream home. This highly welcome move will definitely encourage the fence-sitting buyers to finalise their home purchase plan at the earliest and hence real estate sector is expected to witness increased buyers momentum.”

Mr. Manoj Kumar Singh, Chairman, Mangalya Group:

“The union budget 2016 presented by the honourable finance minister has mostly focussed on the development of infrastructure which is the backbone of real estate industry. The proposed investment of Rs 97,000 for the roads and highway sector in this budget will provide fast-track connectivity to several new regions which may come up on real estate development radar later. Moreover, the budget has also provided renewed impetus on development on affordable housing by providing additional exemption of Rs. 50,000 for the first time homebuyers on housing loans up to Rs 35 lakh for the homes priced up to Rs 50 lakh. Such additional deduction was much awaited as the cost of housing units have increased too much over the last few years. Definitely this provision will bring cheers to the affordable home seekers across the country.”



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