Budget reaction from Mr R Balaji, CEO, Propmart

Dear Mr Murali,

Hi!

Am attaching herewith the budget reaction from Mr R Balaji, CEO, Propmart. Also attached is a picture of Mr Satheesh. Hope the same is fine.

 

Warm regards,

 

Mythili

 

 

Real estate action may shift from urban to semi-urban and rural areas

 

By: R Balaji, CEO, Propmart Technologies, an end to end property solutions provider

 

The Indian real estate industry has welcomed the budget 2009-10, but at the same time feel that it could have done more for the industry.

 

The Government's decision on the increased spending on infrastructure and highways will stimulate the demand of properties.

 

The Government's initiatives in allocating the funds towards rural sector i.e. Rural Electrification scheme, the Rural Housing fund and Rural Road scheme, will impact the real estate market in a positive manner. This may result in the migration of real estate market from the urban to rural and semi-rural areas.

 

But, at the same time, the budget has not fully addressed the demands of the players of the real estate industry. Their demands like duties and taxes pertaining to the sector have not been addressed appropriately. The Government did not announce any incentive for the affordable housing sector.