New Delhi [India], Feb. 2 : Hailing the govt.'s decision to present the Union Budget a month before the new financial year for easy implementation of new policies, Rajeev Talwar CEO DLF and Chairman National Real Estate Development Council (NAREDCO) said the Budget will improve the status of infrastructure in the country, and is essential for affordable housing.
"The fact that housing is no longer described in monetary terms, but in terms of apartment size, will get a huge boost to manufacturing and construction activities.
More importantly, it will help in generating unskilled, semi-skilled and skilled employment," said Rajeev Talwar in an interview to ANI.
In terms of the Railway Budget, which was presented along with the Union Budget this year, Talwar said the increase in allocation of funds can be utilised to improve Railways in the country, as transportation and logistics are two important pillars of the economy's growth.
Talwar also added that change in taxation policies will lower prices, thus making housing affordable. "Until now, taxes on Joint Development Agreements were applied from the date of signing. After the new Budget, taxes will be applicable only after completion of the project. This will help landholders become stakeholders, giving them the freedom to postpone provision for land prices, profits and taxes till completion of the project.
This will in turn lower prices, thus giving buyers an added advantage and also help in increasing trade and expenditure," added Talwar.
In order to achieve the housing target set by the govt., NAREDCO President Parveen Jain stressed on the importance of Govt.
support. He said that the govt. has set a target of building two crore houses by 2022 or one crore houses by 2019. At every stage, we will need sanctions and approvals from the govt. However, he further said that it would be beneficial to set up a coordination committee to oversee such requirements.
"We have discussed the same with the Urban Development Industry as well," added Jain. Union Finance Minister Arun Jaitley presented the Union Budget 2017-18 in Parliament on Wednesday..