IMAGE
Union Budget 2018 focuses on affordable housing but sans any direct impact on real estate sector
Kolkata, Feb 8 (IBNS): The Union Budget 2018 is a balanced one with focus on affordable housing but without any direct impact on the sector, according to Laxman Jaiswal, Chairman & Managing Director, Ascon Infrastructure (India) Ltd.
The Budget seems to be heading to have minimal direct impact on the Real Estate industry, a departure from the past three years, he said.
According to the Chairman and MD of Ascon, the sector was reeling for a while and was expecting major announcements to revive it.
The real estate contributes 7.7 per cent to GVA and ensured 15 million job creation over the past five years, he said.
According to Jaiswal, the setting up of a dedicated affordable housing fund under the National Housing Bank for priority sector lending will provide a further impetus to the development of housing.
"The continued focus on smart city projects is expected to boost real estate activities further. Real estate is a function of multiple parameters and bearing of the overall economy. So if there is an overall boost to the economy through farm spending and so on; then we will see a spin-off effect on the real estate sector," he said.
Post demonetisation, the secondary market was turbulent due to lack liquidity; furthermore, in major cities, the circle rates were increased and had become more than the market rates. This resulted in a gap between the two rates, which was counted as income in hands of both buyer and seller, he said.
However, Jaiswal pointed out that the Union Budget 2018 clearly focuses on pushing up farmers’ income, thereby kick starting consumption in the economy, which is a positive.
But, he also pointed out that there should be parity between the Central and the state tax rates and regulations for the benefit of the real estate industry
Top Headlines
-
News
Elon Musk deletes 'vote red' post after Republicans' midterm rout, Grok confirms
November 05, 2026
-
News
Honda City explodes in Gujarat's Vadodara, car parts fly 200 metres; 5 injured
November 05, 2026
-
News
Singur revival? Suvendu Adhikari in talks with Ashok Leyland for investment
November 05, 2026
-
News
We are a secular country: Bombay HC pulls up BMC over Dia Mirza video, asks civic body to restore Diwali campaign
November 03, 2026
-
News
NCB raids 38 locations across Assam, Mizoram and Manipur in 'Operation Trident' against cross-border drug network
October 25, 2026
-
News
VeeCycle Works Signs MoU with AP Govt for Rs 150 Cr Recycling Project in Visakhapatnam
October 12, 2026
-
News
Smit Machchhar: Bleeding on the Cockpit Floor, the Indian Captain Opened the Door That Saved 174 Lives
October 01, 2026
-
News
Sona College of Tech, Salem team wins Mitsubishi contest for factory automation; beats 6 national winners across Asia
September 20, 2026
-
News
After days of silence, China confirms Xi Jinpings India visit for BRICS Summit
September 10, 2026
-
News
ISKCON Juhu in trouble: FDA suspends licences of 3 restaurants over serious hygiene violations
September 09, 2026
