The Union Budget for 2015-16 is a big disappointment to the real estate sector, said Rajesh Prajapati – MD, Prajapati Constructions Ltd.
"There were huge expectations from the Government but it did not deliver on what was promised," he said.
The Prime Minister Narendra Modi had announced 'Housing for all by 2022', however he did not give a roadmap on how to achieve the same, although it is the first time that the target has been set in the Union budget.
The increase the service tax to 14% will prove to be quite burdensome as it will affect the purchasing power of home buyers. Overall the expectation of the housing industry from government was very high and they have not been met, he added.