A 'neutral Budget' for real estate;
says Punit Beriwala, MD, Vipul Ltd
New Delhi, July 06, 2009: Commenting on the Budget announced by the Finance
Ministry today, Mr Punit Beriwala, MD, Vipul Ltd, the leading real estate
player, has said that the budget is stable for over all economic development
but does not offer much benefit to the realty sector.
"We applaud the new Government for proposing a strong mandate for overall
growth. However, we feel that there are no benefits given to the realty
sector. The real estate sector is already reeling under cash crunch and
lower demand levels. Efforts could have been to take the corrective measures
to overcome this and spur demand which was the need for hour," Mr Punit
Beriwala, Managing Director, Vipul Ltd said.
Commenting on the announcements to revive the infrastructure sector, Mr
Beriwala said, "We support the encouragement provided to PPP model for
improvement in infrastructure and a boost to rural housing fund, as this
will take the economy to a higher growth trajectory. A higher rate of
allocation to highway projects and exemption from excise duty on
pre-fabricated concrete slabs will help providing fillip to the
infrastructure sector. In addition, the move for allocation of funds for
urban poor towards providing housing and basic amenities and the increase in
allocation for Jawaharlal Nehru Urban Renewal Mission by 87 per cent is
indeed commendable and will help in balanced rural- urban development"
"The budget will have a neutral implication on real estate sector with no
fresh life given to the real estate" Added Mr Beriwala.
About Vipul Ltd
Vipul Limited is better known as builders of HAPPY BUILDINGS. It is a real
estate specialist, constantly spreading satisfaction and happiness over the
years through their landmark developments. The company, through its
state-of-the-art technology and know-how is all set to bring a paradigm
shift to the real estate industry. Vipul Limit builds the building keeping
in mind the needs and desires of its customers.
The company is presently working on approximately 10 Million Sq. Ft. The
spectrum of assignments range from residential to commercial to hospitality
spread across places like - Gurgaon, Manesar, Dharuhera, Ludhiana, Mohali
and Bhubaneswar.
The company has recorded revenue of Rs. 302 crore (approx) and net profit of
Rs 23 crore (approx) in FY09. The company is presently listed on BSE (code:
511726) and MSE (code: Vipul)
No comments:
Post a Comment