The Union Budget announced is a pro-growth budget and a step in the right direction. We, at Sobha, welcome it whole-heartedly. The focus on affordable housing is laudable, as it has been accorded the infrastructure status, which will have many ripple effects.

The Union Budget 2017-18 was announced with the theme of Transform, Energise and Clean India (TEC), was largely geared towards rural growth, infrastructure, and poverty alleviation, with a huge impetus to affordable housing. The thrust on affordable housing renews the government’s vision of ‘Housing for All by 2022’, giving a cheer for the housing segment.

Overall, the 2017 Union Budget is a good budget in general but mixed for real estate industry, which was looking for more from this budget.

One of the major change is that the holding period for capital gains tax for immovable property is now reduced from three years to two years

The Goods and Services Tax (GST) is set to replace most of India´s indirect tax system and the impact will be felt across sectors. The GST Bill could boost the infrastructure segment owing to two provisions

The real estate industry will be pressurised to be more transparent, with a Supreme Court-constituted special investigation team (SIT) recommending a ban on cash transactions above Rs 3 lakh. SIT has also suggested capping the cash holdings of companies and individuals at Rs15 lakh. A large chunk of black money in India is invested in real estate and bullion.

Board of India (SEBI) on September 26, 2014, to set up Real-Estate Investment Trusts (REITS). A REIT cannot be formed without a trustee, a maximum number of three sponsors (with a collective net worth of at least Rs 100 crore, and individually at least Rs 20 crore), and a manager with a minimum net worth of at least Rs 10 crore.

The real estate and construction sector has served as the backbone of the Indian economy and has been a major contributor to the country’s economic growth. The real estate sector alone contributes about 6.3 per cent to the nation’s GDP (2012–13) and along

PM Modi's code of conduct has been introduced for his team of ministers. They will have to submit details of their assets, liabilities and business interests to the prime minister within two months.