Being a developing country, India is a hub for various sectors and, thereby, attracts many foreign entities to explore potential markets. The government has been on a spree of issuing various amendments in regulating laws to bring about ease of doing businesses in the country.

The budget reaffirms continued focus on Infrastructure and programmes such as Smart City mission, AMRUT, NMCG, the Regional Connectivity Scheme (UDAAN) etc. as can be seen by increased outlay by 20% from the previous year. The key takeaway form this budget is the thrust on social and rural infrastructure including health, education, housing, agri-value chain and penetration of digital infrastructure.

The government’s move to promote affordable housing by setting up a special fund is welcome. It will boost buyers’ sentiments and help revive the real estate market. We expected the government to give industry status to real estate sector, though its efforts to support infrastructural development is laudable.

Indian real estate is all set to embark on a new phase with the advent of multiple policy reforms in the past nine to 10 months, such as demonetisation, RERA, infrastructure status to affordable housing and GST.

The GST regime has many provisions to address the concerns of medium and small enterprises and small entrepreneurs.The law provides for an exemption threshold whereby it is not mandatory for a business whose aggregate turnover in a financial year is less than Rs 20 lakh (Rs 10 lakh for special category states) to register.

The main problem is that our rates of EPC are fixed while the government has proposed a slab of 18 per cent for EPC contracting, which is high. Thus, despite taking input credit, we will be affected by about 10-12 per cent.

Last month, the underground section of Chennai Metro Rail Project (Phase-I) was inaugurated, heralding a new era of sustainable transport in the city.

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.