- Venkatesh Gopalakrishnan, President-Business Development & Chief Investment Officer, Shapoorji Pallonji Real Estate
Venkatesh Gopalakrishnan, President-Business Development & Chief Investment Officer, Shapoorji Pallonji Real Estate, on the Union Budget 2017-18:
The government believes that the impact of demonetisation is transient. The increased liquidity in the banking system and the increase in the net of taxable income for people and corporates, has resulted in the government stipulating an aggressive fiscal deficit of 3.2 per cent in 2017-18 despite the total increase in expenditure especially in the infrastructure and defence sectors, where the outlay has been increased by 10 per cent over the last year. In case the government is able to follow through on the remonetisation inter-alias as per the plan, it will definitely impact the economic growth positively.
Coming to the real estate sector, the moves including the reduction in the tenure of long-term capital gain tax from three years to two years, rationalisation of capital gains JDA agreement, infrastructure status to the affordable housing segment and most importantly the SOPS inter-alia, the increase of the size of the affordable housing unit and enhancing the universe for the 60 sq m stipulation in the segment, are all positive steps for the real estate sector and will definitely help in giving the much needed push to the affordable housing segment.