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Published & Updated as on -
2010-03-04
Pradeep Jain, Chairman, Parsvnath Developers Ltd feels that Budget was for aam-admi, it is good
for each and every individual in the society, it is supportive for the tax
payers as the extension of limit will help in reducing burden on individual tax
payers. The Budget will induce renewed sense of optimism over the country's
growth.
The
Budget is good for all public in general and for infrastructure sector, food
processing units and the large support to the rural development including PPP
projects, education and health etc. But the developers have looked forward to
more sops to bring housing affordable for all the sectors of the society,
however, we welcome the Finance Minister's move of provision of Rs 700 crore
and extension of interest subvention scheme of one per cent on all individual
housing loans up to Rs 10 lakh for units costing up to Rs 20 lakh till March
30, 2011.
The
scheme recognises that cut in interest rates has an important role to play in
reducing EMIs of borrowers and creating additional demand for low-cost housing.
We are of the view that it will encourage and prompt the developers to give
more importance to projects which will cost up to Rs 20 lakh. The Finance
Minister's further support to the real estate sector to continue to get the
benefit under 80IB(10) on the ongoing affordable housing projects which were
earlier required to be completed in four years from the date of sanction are
now allowed to be completed in five years.
This indeed is a direct support to
the sector as during the slowdown some projects did get delay but now the
developers will continue to get the tax benefit in affordable housing projects
under Section 80 IB (10).
Source:
Hindu Business Line 4/3/10
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