Maharashtra Chambers of Housing Industry (MCHI), most prominent body of the real estate developers today described the Union Budget presented by the Finance Minister Pranab Mukherjee as “Budget with few positive steps focused on the common man who is interested in buying a house in rural and urban areas”.
The Budget is relying heavily on maintaining the trajectory of growth in the economy to provide solutions for inclusive growth that touch the ‘Aam Aadmi’ and parallelly stressing on governance aspects, which hopefully will be covered separately through concrete action plans to deal with the menace of unaccounted wealth. The trend for consolidation is expected to continue.
The budget of 2011-12 has certainly given due importance to the affordable sector. The current scheme of interest subvention on 1 percent on housing loans is now extended to Rs 15 lakhs where the cost should not exceed 25 lakh.
The limit of funds to be invested by foreign investors in the Indian infrastructure sector has been raised with Finance Minister Pranab Mukherjee also allowing mutual funds to accept foreign funds in the national budget presented on Monday.
The RBI and market regulator SEBI have enhanced their vigil on funds coming from Mauritius, suspecting round-tripping or routing of illicit money back through the island nation.