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Will Budget 2017 help combat demonetisation woes?

While the Finance Minister made several announcements during Union Budget 2017-18, it remains to be seen if these measures exert any assistance in combating the consequences of demonetisation and revive....February 17, 2017 / 372 Views
By: Tarun Raheja, Sr. Research Analyst

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What’s in store for real estate investors post Budget 2017?

The Budget 2017-18 has been a mixed bag for the real estate sector. While several policy reforms are touted to work in its favour, a few tax provisions might play....February 13, 2017 / 1493 Views
By: Dhruv Mathur

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#UnionBudget2017: Is the tax slab revision beneficial for first-time homebuyers?

The pro-poor Budget 2017 has received varied responses from the real estate fraternity as it did not announce any significant benefits for homebuyers. The revised tax slab and its efficacy....February 9, 2017 / 1371 Views
By: Farozan Akhtar

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Budget 2017 disappoints second home buyers

Budget 2017 has tightened the norms for second home investors by reducing the tax exemption on home loan repayment of a second home to Rs 2 lakh. Investors, who were....February 8, 2017 / 2299 Views
By: Subhadra Badauria, Sr. Research Analyst

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Decoding the Capital Gains Tax: Before and After Budget 2017

Several modifications have been made to the capital gains tax structure in the Union Budget 2017-18. Here is an understanding of the changed rules and their incidence on your tax....February 6, 2017 / 2729 Views
By: Shradha Goyal, Sr. Editor

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#UnionBudget2017: Analysing pros and cons for homebuyers

Apart from according infrastructure status to affordable housing and announcing tax sops for lower-income groups, the Union Budget 2017-18 was not a game changer for the homebuyer community. 99acres delves deeper....February 3, 2017 / 1535 Views
By: Kaushik Sridharan

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#UnionBudget2017: 5 indirect benefits for real estate sector

In addition to announcing several reforms that will directly benefit the real estate sector, the Union Budget 2017-18 also proposed certain policy changes that will have a ripple effect on....February 2, 2017 / 3187 Views
By: Kaushik Sridharan

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#UnionBudget2017: Rural housing gets a massive boost from government

Rural development was a key focus area this Budget as the government announced several initiatives under Pradhan Mantri Awas Yojana (PMAY) and Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA).....February 1, 2017 / 2106 Views
By: Subhadra Badauria, Sr. Research Analyst

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#UnionBudget2017: Real estate to benefit from reforms in capital gains tax

With the Union Budget 2017-18 announcing changes associated with the capital gains tax on real estate, developers and investors are likely to benefit significantly. 99acres takes a closer look at....February 1, 2017 / 2376 Views
By: Farozan Akhtar

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#UnionBudget2017: Infrastructure receives a major boost from Jaitley

The Union Budget 2017-18 announced large-scale funding for the infrastructure sector, providing a major thrust to the connectivity quotient across the country. Apart from focusing on the rural economy, affordable housing,....February 1, 2017 / 1183 Views
By: Anshul Kumar

BUDGET in News

Focus on affordable housing to offer no significant benefit for listed developers: ReportFebruary 7, 2017

Budget 2017 exempts Amravati land poolers from capital gains taxFebruary 5, 2017

Budget 2017 to shift focus of real estate to peripheriesFebruary 5, 2017

Tax relief in Budget 2017 to boost joint development agreements in real estateFebruary 5, 2017

Thrust to affordable housing in Budget 2017 to benefit cement industryFebruary 3, 2017

Hotel industry to benefit from tax reliefs announced in Budget 2017February 3, 2017

Union Budget 2017 offers major boost to affordable housingFebruary 2, 2017

Budget 2017: Bihar real estate hopes for reduction in home loan interest rateFebruary 1, 2017

Pune expects more local trains and sops for housing in Union Budget 2017January 31, 2017

Infrastructure sector seeks tax breaks, higher allocation in Budget 2017January 30, 2017

Budget 2017: Cement industry hopes for tax relaxationsJanuary 30, 2017

Budget 2017 may merge affordable housing in infra sectorJanuary 16, 2017

INDUSTRY Opinion

Budget 2017: Affordable housing gets shot in the arm; demand, supply to rise

Affordable housing emerged as the top beneficiary of Union Budget 2017 after being given infrastructure status. Further, tax sops offered to developers and homebuyers will attract more investments in this segment,....

February 10, 2017

Sushil Raheja,

CEO, Raheja Homes Builders & Developers

What Budget 2017 means for real estate?

Budget 2017 has brought some transformative moves for the real estate sector. Provision for affordable housing and personal taxation are expected to instill positivity into the market. Post demonetisation, the....

February 7, 2017

Kaizad Hateria,

Brand Custodian & Chief Customer Delight Officer, Rustomjee Group

Affordable housing gets a thrust from Budget 2017

The Budget 2017 will spur growth for the real estate sector at a time when there is a visible dip in the market. The measures announced in the Budget for....

February 3, 2017

Rohit Poddar,

Managing Director, Poddar Housing and Development Ltd.

Budget 2017: 7 ways in which it will boost real estate sector

The real estate sector is the second largest employer and contributor to the economy, right after agriculture. The Union Budget 2017-16 has given it a much needed thrust and....

February 2, 2017

Gunjan Goel,

Director, Goel Ganga Developments

Real estate expectations from Union Budget 2017 to boost sales

Salving the wounds of demonetisation, this year’s budget is anticipated to be a people’s budget that would subsume various housing needs of the buyers. While demonetisation subdued realty sentiments across....

January 31, 2017

Dhaval Ajmera,

Director, Ajmera Realty

#UnionBudget2017: Pre-budget expectations

Right from ushering the era of single tax regime under GST Bill to income tax rebate, there are multiple things on the homebuyers wish list. The count down to the....

January 31, 2017

Manju Yagnik,

Vice Chairperson, Nahar Group

Key expectations from Budget 2017 for the realty sector

The upcoming Budget 2017-18 is awaited for clarity on several reforms such as RERA, GST Bill and affordable housing. The government needs to bring hard-hitting policies to revive the real....

January 31, 2017

Mudhit Gupta,

CMD, EMGEE Group

Expectations from Union-Budget 2017-18

Right from the clarity on various key reforms such as GST Bill, RERA, single window clearance, tax rebates and a boost to affordable housing, there are quite a few....

January 30, 2017

Rohit Poddar,

Managing Director, Poddar Housing and Development Ltd.

Expectations of the real estate sector from Union Budget 2017

With Budget 2017 just a few days away, the author shares the real estate sector’s expectations from the upcoming budget. The real estate sector is the second biggest employer in....

January 30, 2017

Kishor Pate,

Chairman & Managing Director, Amit Enterprises Housing Ltd.

Budget 2017: Govt. must rationalise taxes and provide Industry status to real estate

In the Union Budget 2017-18, the government needs to focus on providing Industry status and clarity on the tax slab for the realty sector, rationalisation of taxes for homebuyers, single....

January 23, 2017

Pratik Mehta,

Managing Director, Unishire

Expectations from Union Budget 2017-18

The upcoming Union Budget 2017-18 can be an enabler for the growth of the realty sector if benefits in the form of taxation and favourable policies are extended. The housing....

January 20, 2017

R Kumar,

MD, Navin's

Union Budget 2017-18: Expectations for the realty market

The upcoming Union Budget 2017-18 is one of the most awaited events. We expect the government to announce tax rebates, measures to reduce home loan interest rates and Single Window....

January 18, 2017

Sahil Kapoor,

Executive Director, RE/MAX India

EXPERTS Speak

Surendra Hiranandani,

CMD, House of Hiranandani

Budget 2017 can be termed as a reform-oriented budget where the expenditure was well directed towards economic growth and development, especially in the rural areas. It also reflected the government’s concern and priority to improve the investment climate.

Navin M Raheja,

CMD, Raheja Developers

Infrastructure status to affordable housing would mean easier access to funds, quicker loan approvals, gentle approach by banks for project delays, interest rate benefits, and more relaxed financing norms in term of debt-equity ratio and moratorium period.

Deepak Kapoor,

President CREDAI-Western U.P. & Director, Gulshan Homz

Affordable housing developers will now be eligible for various government incentives and subsidies.With the basic slab of income tax now reduced to half the effect, people will have access to higher disposable income which can now be utilised for saving and investment purposes.

Vineet Relia,

Managing Director, SARE Homes

The move to provide tax relief on unsold stock as liability to pay capital gains will arise only in the year a project is completed is welcomed. It will help developers plan their liquidity better.

Kapil Wadhawan,

Chairman & Managing Director, DHFL

Steps such as allocation of Rs 23,000 crore for PMAY, extension of Affordable Housing Programme to 5 years, benefit to be based on carpet area, refinancing of loans by NHB and proposal to complete 1 crore houses by 2019 indicate a strong emphasis on the housing and real estate sector.

Rajesh Narain Gupta,

Managing Partner, SNG & Partners

The budget is a big boost to affordable housing. Granting infrastructure status will allow developers to avail several benefits such as cheaper loans, institutional funding and tax benefits. All this would lead to reduction in cost of construction and better profit margins.

Rohit Gera,

Managing Director, Gera Developments & VP, CREDAI - Pune Metro

There are a number of positives for the realty sector such as the reduction of holding period for long term capital gain as well as clarification on the date of tax in case of joint development. Unfortunately, the steps taken will not be enough to kick start the sector.

Navin Makhija,

Managing Director, The Wadhwa Group

The Union Budget 2017-18 has struck the right chord by keeping the long-term objectives in mind. The government has successfully managed to address the housing needs of millions by increasing the budget allocated to affordable housing to Rs 23,000 crore.

Boman R Irani,

Chairman & Managing Director, Rustomjee Group

Real estate sector has been made an asset class for investors by bringing reforms in the long-term capital gains tax structure. This is good news for investors as the move will allow in yielding moderate to good returns from property investments.

Ahammed MP,

Chairman, Malabar Group of Companies

It is an excellent budget which gives priority to infrastructure development and agriculture sector. The budget has done justice to almost all sectors, especially the real estate sector which has received a shot in the arm.

Naveen Mypala,

Executive Director, Aliens Group

The budget has been friendly and we look forward to greater deal of regularity coming into real estate. The grant of infrastructure status to affordable housing will bring relief for many homebuyers and developers alike.

Mudhit Gupta,

CMD, EMGEE Group

Granting infrastructure status to affordable housing is a game changer. The move will substantially reduce interest rates and thereby, the overall borrowing costs. Besides, it will also lure foreign investments and increase the lending threshold of the banks as now they will be able to fund land deals too.

Venkatesh Gopalakrishnan,

President - Business Development & Chief Investment Officer, Shapoorji Pallonji Real Estate.

Initiatives including the reduction in the tenure of long-term capital gain tax from 3 years to 2 years, rationalization of capital gains, infrastructure status to affordable housing and most importantly the SOPS inter-alia, are all positive steps targeted to revive the real estate sector.

Tushad Dubash,

Director, Duville Estates

The reduction of the period for long term capital gains tax coupled with reintroduction of capital gains tax saving investments will attract more landowners to capitalize on their land holdings, thereby bringing more land into development.

Ashish Shah,

Chief Operating Officer, Radius Developers

Awarding infrastructure status to affordable housing will pave way for real estate growth. The additional support will help us move closer to the vision of ‘Housing for All’ at a much faster pace. We also appreciate tax relief provided to the sector, specifically in form of capital gains tax benefit.

Pratik K Mehta,

Managing Director, Unishire

Overall a great budget. However, we would have been thrilled if our FM had extended industry status to other housing segments too. The move would have eased the funding process and expedited project deliveries.

Kumar Bharat,

Director, BCC Infrastructures Pvt Ltd

The entire focus on affordable housing, real estate, capital gains reduction for long term in real estate holdings is good because real estate affects everything else - steel, cement, employment of the unskilled workers. All this will result in growth especially consumption led growth.

Prashant Tiwari,

Chairman, Prateek Group

The budget focused on infrastructure development including airports and roads. This will help in healthy growth of real estate. The new FDI policy under consideration and tax relief on unsold stock as liability to pay capital gains only in the year of project completion will give boost to the sector.

Sukraj Nahar,

CMD, Nahar Group

Announcement of job creation measures and lower tax rates for certain income bands are likely to increase money circulation in the hands of the consumer and improve overall buying sentiment in the real estate sector.

Kishore Bhatija,

MD, Real Estate Development, K Raheja Corp

The tax relief for developers on unsold inventory is a positive step, resulting in lower burden on their shoulders. The changes in income tax slabs will generate more liquidity in the hands of consumers, boosting consumption.

Rattan Hawelia,

Founder & Chairman, Hawelia Group

Affordable housing getting infrastructure status will result in increased participation from private players by paving the way for cheaper loans. Further, the positive announcements concerning taxes will provide respite to investors.

Anand Piramal,

Executive Director, Piramal Group

It is heartening to see affordable housing get infrastructure status, which along with the increased completion timelines will significantly pave the way for ‘Housing for All’ to become reality by 2022.

Vineet Goyal,

Joint Managing Director, Kohinoor Development Corporation

With the criteria for affordable housing being changed from a built-up area of 30 and 60 sq mt to carpet area of 30 and 60 sq mt, affordable housing units will become more spacious, making the segment more attractive to buyers.

Kishor Pate,

CMD, Amit Enterprises Housing Ltd

The outlay for rural housing under PMAY of Rs 23,000 crores and the announcement that 1 crore rural houses will be created by 2019 will help address the housing needs of the homeless and potentially help reduce pressure on urban areas, if it is in conjunction with employment generation.

Sanjay Malhotra,

CEO, Emaar India

Infrastructure status for affordable housing along with increased allocations under NHB and PMAY-Gramin, will enable larger funding available to homebuyers and developers at a lower cost and also make the sector eligible for various incentives.

Ashok Gupta ,

CMD, Ajnara India Ltd

With a mammoth budget investment plan for the infrastructure sector, various untapped regions will gain connectivity with major cities. This development will further broaden the avenues for realty development across the country.

Neeraj Bansal,

Partner and Head of Real Estate, KPMG in India

Affordable housing developers will now be eligible for several govt. incentives, subsidies, tax benefits and most importantly institutional funding. The status could also mean that the Government may release land specifically for affordable housing in central locations of major urban centers.

Abhishek Lodha,

MD, Lodha Group

This budget will empower the middle-class. Reduction in Income Tax rates, both for earners up to Rs 5 lakhs and MSMEs, will help in increasing their purchasing power and shall also impact demand for affordable housing positively.

Chintan Sheth,

Director, Sheth Corp

Tax relief to developers on unsold inventories and reduction of long term capital gains tax period from 3 to 2 years will provide relief to both investors and developers. These benefits can be transferred to the buyer, thereby reducing their financial burden while purchasing a home.

Rahul Shah,

CEO, Sumer Group

The grant of infrastructure status to affordable housing would boost investment from private players in the segment. REITs will open ways for the realty sector to get easy funding and ensure timely completion of projects.

Rohit Poddar,

MD, Poddar Housing & Development Ltd

The tax holiday status for apartments with carpet area up to 30 sq m and 60 sq m clearly defines the size and location of projects and apartments, with no room for ambiguity.

Rajesh Krishnan,

MD & CEO Brick Eagle

Conferring infrastructure status to affordable housing will make borrowing for projects easier. The government has already eased norms for registered FPIs for investment in the infra sector which will prove beneficial to the affordable housing sector.

Rajesh Doshi,

Managing Director, ACME Group

The reduction in holding period for capital gains tax will help people sell existing properties and upgrade. The change in indexation timeline from 1981 to 2001 will also give a huge tax break to those who want to upgrade from older flats.

Anil Kothuri,

President & Head, Edelweiss Retail Finance

The budget is not inflationary. Consequently, interest rates are expected to be benign, which will lower the EMIs on home loans. The middle class will benefit owing measures on affordable housing, SMEs and lower personal tax rates up to Rs 5 lakh.

RK Arora,

Chairman, Supertech Ltd

The permission to complete affordable housing Projects in 5 years to qualify for Tax exemption in 80IB is a relief. The new Credit Linked Subsidy Scheme for MIG, with allocation of Rs 1000 crore, will revive housing demand.

Vijay Pawar,

Managing Director, Mirador Group

The cut in the tax rates at the lower income brackets will make it easier for poor to spend on housing. They will also be able to get bigger homes as now carpet area will be considered as a measurement for affordable housing, instead of built-up area.

Neeraj Gulati,

MD, Assotech Realty Pvt Ltd

Refinancing individual loans worth Rs 20,000 crore from NHB will bring capital relief to the lenders. Tax sops to smaller businesses will also augment the purchasing power and is a welcome step for the real estate sector.

Maadhav Poddar,

Tax Partner, Real Estate practice, EY India

The long awaited clarity on taxability in case of Joint Development Agreements will reduce litigation for land owners and give an impetus to execution of more JDAs.

Brijesh Bhanote,

CMO, Paras Buildtech

Infra status to affordable housing is an incentive for private developers as cheaper financing options will be available now. Measures related to JDA will also provide relief to the sector already suffering from demonetisation.

Anuj Puri,

Chairman & Country Head, JLL India

The Budget missed out on giving any additional income tax incentives to first-time homebuyers or providing higher tax savings on home loans and house insurance premiums. Nor did it raise house rent deduction limits.

Tapan Sangal,

Executive Director, Lotus Greens

Infrastructure Status to affordable housing will provide access to easier financing and associated tax benefits for such projects, thus giving an impetus to accomplishment of the “Housing for All” mission.

Sachin Sandhir,

Global Managing Director-Emerging Business, RICS

The Budget 2017 broadly focusses on the rural economy, infrastructure, affordable housing, employment, digital economy and fiscal discipline. We believe that it is a fairly balanced Budget.

Getamber Anand,

President – CREDAI National

Infrastructure Status to affordable Housing, additional refinance of Rs 20,000 crore from NHB and lower interest rates reinstate the govt’s intent to enable access to cheaper capital.

FEATURED Articles

Will Budget 2017 help combat demonetisation woes?

What’s in store for real estate investors post Budget 2017?

#UnionBudget2017: Is the tax slab revision beneficial for first-time homebuyers?

Budget 2017 disappoints second home buyers

Decoding the Capital Gains Tax: Before and After Budget 2017

#UnionBudget2017: Analysing pros and cons for homebuyers

#UnionBudget2017: 5 indirect benefits for real estate sector

#UnionBudget2017: Rural housing gets a massive boost from government

#UnionBudget2017: Real estate to benefit from reforms in capital gains tax

#UnionBudget2017: Infrastructure receives a major boost from Jaitley

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