Mumbai: Budget is a subject that not only attracts 'aam aadmi' but a corporate giant also. All of us, irrespective of our caste, creed, religion, profession, eagerly await 'Dream Budget'. Now, another Budget is in the line up, we thought that it would be necessary to have a glance over expectations about the Budget.

Today, with major banks cutting interest rates on home loans, the hopes for dream home have gone up. So, we decided to catch up with someone who is closely associated with realty business.

Anand Gupta, Chairman of Builders' Association of India gets candid in an interview with Kapil Mudholkar and talks about the realty market and its expectations from upcoming budget.

Your thoughts on today's realty market situation?

Realty market for the last two years is moving upward. My feeling is realty market will still thrive and attract huge funds not only from India but also from Foreign Direct Investment (FDI).

Do you think that the market mayhem can affect or has affected the realty sector?

To the best of my information and knowledge, last week mayhem of share prices has not affected the price of shares of realty companies. This boosted the confidence of investors in realty companies and I personally feel the price of realty shares will not be affected in near future.

As an industrialist what are your expectations from upcoming Budget?

As an industrialist, I have wishful expectation from Union Budget from Shri P. Chidambaram, Hon'ble Finance Minister, Government of India.

1. Abolition of Import Duty on Steel and Cement
2. Duty exemption on all machinery and equipment required for infrastructure projects.
3. Removal of Excise Duty on Site Pre-casting activities.
4. Abolition of Service Tax on sale of flats.
5. In Income Tax Act, 1961 - The section 10(23) G benefits of Tax exemption may be allowed so long as the surplus is invested in another project eligible under the section 10(23) G.
6. Amendment to Section 80IA - Incentives granted to Infrastructure Contractor's should be continued.
7. To boost affordable Housing Section incentives granted under 80IB should be continued.

From Maharashtra, I expect the following from the Budget:-

1.   Reduction of composite VAT from 5% to 2%.
2.   Removal of VAT on Sale of Flat
3.   Reduction in Stamp Duty
4.   Sanction of TDR in lieu of infrastructure projects

With booming realty prices, do you think a common man will ever be able to afford his dream home?

Yes. A common man will definitely will be able to purchase residential premises, if the Government consider reducing the interest rate and facilitating availability of land at a cheaper rate.

How would you assess the journey of realty market in last one year?

The realty market, at the outset fared better in the last one year. The prices have stabilised at many places and consumer centric demand increase at most of the places.

What measures would you suggest in upcoming Budget to control the booming realty prices?

A common man will definitely will be able to purchase residential premises, if the Government consider reducing the interest rate and facilitating availability of land at a cheaper rate.

Many industry people believe that removal of multi-taxation will improve reality situation. Your take on this?

Yes. The lower the complexity and multiplicity of laws and its permission sources, the more will be the compliance as I personally feel it will reduce corruption.

Source : TeamIndiaInfo