{"id":8996,"date":"2018-02-03T15:12:30","date_gmt":"2018-02-03T15:12:30","guid":{"rendered":"http:\/\/faceinews.com\/?p=8996"},"modified":"2018-02-03T15:12:30","modified_gmt":"2018-02-03T15:12:30","slug":"budget-reaction-mr-sudhir-pai-ceo-magicbrick-com","status":"publish","type":"post","link":"https:\/\/www.faceinews.com\/?p=8996","title":{"rendered":"Budget Reaction – Mr. Sudhir Pai, CEO, Magicbrick.com"},"content":{"rendered":"

\"Mr.<\/a><\/p>\n

Budget reaction pasted below on behalf of Mr. Sudhir Pai, CEO, Magicbrick.com.<\/p>\n

\u00a0\"Faceinews<\/a><\/p>\n

Government walks the talk in\u00a0addressing\u00a0affordable housing, but larger real estate issues unaddressed<\/strong><\/p>\n

By Mr. Sudhir Pai, CEO, Magicbricks.com<\/strong><\/p>\n

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Much on expected lines,\u00a0the government in Budget 2018 has continued with its thrust for\u00a0Affordable Housing<\/strong>\u00a0and\u00a0\u2018Housing for All\u2019\u00a0<\/strong>scheme. The government has been consistent with its efforts in\u00a0addressing\u00a0affordable housing in 2017. Now, Budget 2018 has further given impetus to affordable housing by creating\u00a0a dedicated fund under the National Housing Bank (NHB). This fund will be\u00a0provided for\u00a0from priority sector lending and fully serviced bonds authorised by the Government of India. Now that the government has created significant enablers to increase demand and to create favourable conditions, we should hopefully see a significant spike in new launches\/supply in the coming days\u00a0in the affordable housing segment.<\/p>\n

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It\u00a0is\u00a0also\u00a0encouraging\u00a0to see the government address the issues\u00a0of housing in urban areas. While providing assistance to construct 37 lakh houses in urban areas will take care of the urban housing woes, financial assistance (Rs.2.04 lakh crore) to 99 Smart Cities will ease the pressure on the existing urban centres.\u00a0 Further, the finance minister also proposed that no adjustment shall be made in respect of transactions in immovable property, where the circle rate value does not exceed 5% of the consideration \u2013 this would affect only\u00a0those\u00a0localities where circle rates are higher than prevailing market rates.<\/p>\n

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While the budget is\u00a0now done and dusted,\u00a0there are some matters which would help drive the industry ahead more vigorously. We hope that going ahead the government will (a) address the issue of GST on new homes\u00a0which is currently inflationary\u00a0(b)\u00a0examine the issue of\u00a0lowering\u00a0the cost of transactions, particularly stamp duty and registration fees (c) create enablers\u00a0\u00a0for the sector\u00a0such as digitisation of\u00a0property\u00a0registries;\u00a0guaranteeing\u00a0or insuring\u00a0land\/property titles; enhancing\u00a0liquidity in real estate markets through REITs\u00a0and other means\u00a0and (d) strengthen RERA to resolve disputes speedily and help drive confidence amongst consumers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Budget reaction pasted below on behalf of Mr. Sudhir Pai, CEO, Magicbrick.com. \u00a0 Government walks the talk in\u00a0addressing\u00a0affordable housing, but larger real estate issues unaddressed By Mr. Sudhir Pai, CEO, Magicbricks.com Much on expected lines,\u00a0the government in Budget 2018 has continued with its thrust for\u00a0Affordable Housing\u00a0and\u00a0\u2018Housing for All\u2019\u00a0scheme. The government has been consistent with its […]<\/p>\n","protected":false},"author":2,"featured_media":8997,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-8996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/8996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8996"}],"version-history":[{"count":1,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/8996\/revisions"}],"predecessor-version":[{"id":8998,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/posts\/8996\/revisions\/8998"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=\/wp\/v2\/media\/8997"}],"wp:attachment":[{"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.faceinews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}