Hi,
Greeting from Adfactors PR!
Please find below the budget reaction from Vipul Ltd, a real estate player.
Vertika Saxena / 09811708336
Press Release
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
“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,
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)
For further information, please contact:
Mr Anoop Saxena Vipul Limited Mob: 09873908487 anoopsaxena@vipulgroup.in | Vertika Saxena Account Executive Adfactors PR Pvt. Ltd. Phone: 01140565137 / 09811708336 |
Warm regards,
Vertika Saxena
Account Executive
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Adfactors PR Pvt Ltd
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New Delhi-110020
Off Tel: +91 11 40565137(Direct) / 40565100
Fax: +91 11 40565107
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