Budget 2014: Path breaking Budget for real estate sector, says Shishir Baijal of Knight Frank India

NEW DELHI: Applauding the Budget presented by Finance Minister Arun Jaitley, Shishir Baijal, Chairman & Managing Director of Knight Frank India said, "It's a path breaking budget with significant focus on real estate and infrastructure."

"The various incentives that have been provided will enhance the growth prospects of the real estate sector, even further. To begin with, REITs being awarded a pass through status will attract significant investments into the sector which is the need of the hour," Baijal said.

An allocation of Rs 7,060 core indicates that equal attention has been paid to infrastructure growth which is often inter-linked with demand for real estate, he said. "Various other monetary incentives such an allocation of Rs 4000 crore towards affordable housing backs the present government's vision of providing housing to all by 2022, he added.

Overall, this budget will ensure that sentiments remain upbeat for the next few years, Baijal said.

According to Jaitley, the Budget 2014 is only a step in the direction of economic recovery. Jaitley said, "We shall leave no stone unturned in creating a vibrant India."

Stating that he is taking up the fiscal deficit target as a challenge, Jaitley said, "We will try to meet the fiscal deficit target set for us."

"I have set a fiscal deficit target of 3.6% for 2015-2016," Jaitley said. "We need to introduce fiscal prudence. Fiscal prudence is of paramount importance. We cannot leave behind a legacy of debt," Jaitley stressed.