Overall the budget is certainly positive but it is not a super Big Bang budget. The budget has completely ignored the residential real estate market and there is a total lack of any push for the housing sector. We hoped for increased deduction towards home loans amongst other things to give an impetus and augment growth of the industry. The proposed additional investments in infrastructure will further improve the economy and this will definitely have a trickle-down effect on customers who will eventually buy homes.
The move to eliminate black money both within and outside the country is a very welcome move.
The elimination of wealth tax and replacement with a small surcharge are also positive steps. The thrust towards a social security economy as well as the priority to address the unbanked, unfunded and uninsured is optimistic. The reduction in corporate tax is encouraging and the intelligent-new projects wanting to Make in India will see the benefits arising out of this as they start earning income. This will augur well for the industry and is progressive.