NEW DELHI (INDIA): Shapoorji Paloonji Real Estate President – Business Development & Chief Investment Officer Venkatesh Gopalakrishnan said that the Government believes that the impact of demonetization is transient.
“The increased liquidity in the banking system and the increase in the net of taxable income for people and corporates, has resulted in the Government stipulating an aggressive fiscal deficit of 3.2% in 2017-18 despite the total increase in expenditure especially in the infrastructure and defence sectors where the outlay has been increased by 10% over the last year. In case the Government is able to follow through on the remonetisation inter-alias as per the plan, it will definitely impact the economic growth positively,” he said.
“Coming to the Real Estate sector, the moves including the reduction in the tenure of long-term capital gain tax from 3 years to 2 years, rationalization of capital gains JDA agreement, infrastructure status to the affordable housing segment and most importantly the SOPS inter-alia, the increase of the size of the affordable housing unit and enhancing the universe for the 60sqm stipulation in the segment, are all positive steps for the real estate sector and will definitely help in giving the much needed push to the affordable housing segment,” added Gopalakrishnan.
The Union Minister for Finance and Corporate Affairs, Arun Jaitley presented the General Budget 2017-18 in Parliament here today. This is the first of its kind which included the Railway Budget. This year’s Union Budget also does not have Plan and Non-plan classifications and has been advanced by a month to the beginning of February.