GUWAHATI, July 11 � AREIDA president PK Sharma has hailed the Union Budget placed by Finance Minister Arun Jaitley in the Parliament yesterday and described it as a �highway to growth�.
In a statement, Sharma said that the Union Budget appears to be a fiscal strategy to revive investment sentiment. In this regard, AREIDA is specially delighted to note that after a lapse of a decade, the Union Budget acknowledges the dual role of housing both in investments and improving living standards. The Union Budget 2014-15, has accorded housing in economic growth a priority equal to that of manufacturing. We also hope that granting of infrastructure status would be a reality soon.
The emphasis on skill development, promotion of enterprise and improvement of roads, power and digital connectivity are some among many notable measures to improve infrastructure. In so doing, they enable every sector of the economy to play to its potential far better, than the regime of picking up favourites through the budgetary process so characteristic of the past few years.
The measures specially aimed at stepping up investments into housing and habitats are � FDI in housing, minimum area to be developed under each project is either 10 hectares of land for serviced housing plot or apartment projects with a minimum of 50,000 sq.mt of construction, minimum capitalisation of US $10 million for wholly owned subsidiaries has been reduced to USD 5 million, projects which commit at least 30% of the total project cost for low cost affordable housing will be exempted from the minimum built up area and capitalisation requirements, an allocation of Rs 7,600 crore for smart cities, housing for all by 2022, NHB getting an allocation of Rs 4,000 crore for housing for EWS and LIG, Real Estate Investment Trust (REIT), pass through of income allowed obviating incidence of double taxation on REIT would facilitate flow of savings into the real estate sector, etc.
On the whole we welcome this budget, he said.