Budget 2015: Lay ground for affordable housing, says Ganesh Vasudevan of IndiaProperty.com

NEW DELHI: Stating that the real estate industry has high-expectations from Prime Minister Narendra Modi-led NDA government's Budget 2015, Ganesh Vasudevan, CEO of IndiaProperty.com said that the coming budget should focus on affordable housing in India.

"The real estate industry in India has high expectations from the first full Modi budget, especially because the previous budget focused on common man. The coming budget is expected to lay ground for affordable housing in India," Vasudevan said.

"The budget is likely to bring in some incentives for the first time home buyers and the affordable home buyers such as tax rebates and decreased home loan rate," feels Vasudevan.

According to Vasudevan, the real estate industry will only improve once the buying power of buyers increases. "An increase in tax savings under 80C from the current Rs 1.5 lakh and home loan exemption rate from the current Rs 2 lakh would increase the buying capacity of home buyers and thereby help recover the realty industry," he said.

Vasudevan adds, "Real Estate Investment Trusts (REIT's) should be fast tracked as it will give the much needed push to the realty industry in India. The budget is also expected to have some inclusions to promote foreign funding for the infrastructure projects."