Indian Realty is still under pressure besides the most awaited assertion of Union Budget of the year 2012 -13. CREDAI - Bangalore head Sushil Mantri states that “the least bothered Government has not made any drastic changes to bring up the lost glory of Indian Realty except increasing the personal income tax slab to Rs 2 lakhs from that of Rs1.8 lakhs. It is a very minor walk to convey the buyers near to the realty counters”. Apart from this only 1 percent tax rebate is fixed for the slab of Rs 15 lakhs and has only a minor relief for the range of Rs 25 lakhs category.
As said by the source at the www.propertykhazana.com, there is another hammer on already injured realty segment of the country in the form of service tax which is hiked to 12 percent from the existing 10 % which in conclusion will make the production cost of a unit more than the present slump condition. On an another note MD of ‘Vaswani Group’ has revealed that “the realty arena had a pile of expectation from this budget session and was following thoroughly with a hope of better aids to the Realty - marking it in the level of ‘Industry’, but it was all in vain”. The added loads of service tax have rather increased its burden for both builders and buyers.
In a verbal communication, the Managing Director of NBR Group, Bangalore based famed realty house says that “this budget will no way serve the purpose of the Indian realty in any order”. In the long run, there may be some marvels expected, but at this instant, the union budget 2012-13 is not the good deed and many long awaiting demands of the industry are spaced out by the union government and the finance ministry, he added.
Same dissatisfaction yells from Girish H R of ‘Vakil Housing Group’ as he has mentioned it as one of the most uneventful act against the prospect of the Indian realty. “The current financial plan is a mixed bag where there is no sign of govt. concern for the looming Indian realty with various problems like scarcity of finances, high bank interest etc. and in addition new demon is the service tax accumulation” stated by Director of ‘Ajmera Realty and Infra’ – Dhaval Ajmera.
For more and latest real estate news and updates follow us at www.propertykhazana.com.
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