Central Budget: WB real estate sector hails vision for making urban housing affordable

Kolkata: The real estate sector in Bengal has lauded the Central Budget for its vision in making urban housing more affordable and reducing stamp duty for women investors while industry experts hailed the abolition of angel tax for investors and the new tax regime for the salaried class.

Sushil Mohta, president, CREDAI West Bengal & chairman, Merlin Group, said: “India aims to increase the real estate sector’s contribution to GDP from 8 per cent to 13 per cent by 2025. The proposed focus on urbanization is expected to drive growth in this sector. The announcement of a Rs. 2.2 lakh crore initiative to make urban housing more affordable, along with the proposed investment of Rs 10 lakh crore to address the housing needs of one crore urban poor and middle-class families, are positive steps toward urbanisation. Rental housing with dormitory type accommodation for industrial workers in PPP mode is the need of the hour and Will provide better living conditions for industrial workers.” He added: “I welcome this growth-oriented Budget, particularly its focus on women’s empowerment. This would enable more women to own properties, as the Finance minister has urged state governments to lower stamp duties to encourage women-centric investments in real estate.”

Saket Mohta, MD, Merlin Group also lauded the Budget’s vision for empowering women but rued: “We expected more state specific infrastructure projects in Bengal as the Finance minister spoke on the growth focus on

eastern region.”

Sidharth Pansari, president CREDAI Bengal, & director of Primarc Group said: “The Budget reaffirms our commitment to urban development, emphasising affordable housing with the announcement of 3 crore additional houses under the PM Awas Yojana. Additionally, the reduction of stamp duty, especially for women property owners, will encourage more investments in real estate”.

Suvankar Sen, MD & CEO Senco Gold Ltd, said: “With import duty on gold and silver getting reduced to 6 per cent and platinum to 6.4 per cent, the move will give a boost to consumer demand. This decision will allow the middle and upper middle-class consumers to buy jewellery that was constrained due to high gold prices.” “Gold price in India slipped by Rs 250-300 per gram. The formal sector will grow due to such action and enable the organised sector to grow. We expect an increase of sales of 10-12 per cent due to the 9 per cent reduction in duties in prices in gold and silver. It would generate employment amongst the karigar sector. The long-term initiation in agriculture, women and skill sector will also help the industry to benefit from consumer demand and get a talented pool for the future,” he added.

Sardar Taranjit Singh, managing director, JIS Group, said that the Budget’s emphasis on education and skill development is a commendable step towards making quality education more accessible and affordable.

“The significant allocation of Rs 1.48 lakh crore for education and the plan to skill 20 lakh youth in five years will greatly benefit students and the broader education sector.”

NG Khaitan, president, Bharat Chamber of Commerce said: “Angel Tax abolition for Start-ups, reforms on Capital Gains Tax, reduction in Personal Income Tax structure and the focus on a new tax regime is a positive approach. Tariff reduction on import of specific items is also expected to enhance the competitiveness in related sectors”.

Gautam Ray, president, BCC&I, praised the extension of customs duty exemption on raw material to manufacture Lithium Ion cells used in EV batteries as well as simplification of TDS/TCS provisions under Income Tax Act, etc.

Ameya Prabhu, president ICC said: “Being a national chamber, we have seen that the Budget has done a lot for the seafood industry, benefiting states like Kerala and Tamil Nadu. Seafood exporters in Bengal, including members of the ICC, will also benefit.”

S K Behera, chairman, CII Eastern Region hailed the Centre’s initiative for formulation of plan for Purvodaya for all-round development of Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh.

He also applauded the government’s focus on tourism development of heritage sites of the eastern region.