The Union Budget 2018 was presented by the Finance Minister Arun Jaitley on Thursday. Various factors such as agriculture, farmers and rural India seemed to be the focus of this year’s budget. Even though the budget did not actually cover the real estate sector, the announcements for the affordable housing sector has pleased the whole industry. According to the experts, the Union Budget 2018 will not have any direct impact on the real estate sector as the expectations of concessional GST for housing sector was not met on an overall basis. Here is what the big-shots of the industry had to say about it.
Nayan Shah, Managing Director, Mayfair Housing: According to his thoughts, the deeper logic of the budget will favour some factors of the real estate sector. Firstly, are the long term capital gains, that are subjected to capital gains tax at 10 percent. From now onwards rendering investment in real estate will be more attractive than ever before. Secondly, he agrees on the fact that the salaried employees and senior citizens should receive tax breaks by providing them money in hand for purchasing a house. There must be an emphasis on infrastructure comprising public investment in the rural areas, urban connectivity, agricultural marketing to multiply investment prospects for real estate sector.
Niranjan Hiranandani, President, NAREDCO: He warmly welcomes the initiatives proposed by the FM Arun Jaitley. He rated the budget 3 out of a possible 5 from the real estate perspective. He took the government’s move to an affordable housing fund in the National Housing Bank as positive. He also appreciated the propositions towards Suburban Railways in Mumbai by the government. He said, “Improved railway network and accessibility generally will have a positive multiplier effect on real estate.”
Ashish R. Puravankara, Managing Director, Puravankara Limited: He believes that the Union Budget 2018-19 has demonstrated an encouraging growth story for India. A notification of the GST council acted as the precursor for Union 2018 for the real estate sector, in which the concessional rate (of GST) acquired under the Credit Linked Subsidy Scheme (CLSS) will be extended for Housing for All (PMAY) effectively came into force as on 25th January 2018. Which brings down the GST for under-construction homes from 12% to 8%. He further expresses a positive impact brought upon the health of corporate India, by the extension of corporate tax rate of 25% to companies with the turnover up to Rs. 250 crores from just Rs. 50 crores till last year.
Mr. JC Sharma, VC&MD, SOBHA Ltd: He believes that the initiatives outlined in the budget will help enhance the growth of the economy. These measures taken by the government clearly indicates their focus on boosting the housing sector and meeting the requirements of the middle class. According to him, a dividend distribution tax of 10 percent applicable on equity-oriented mutual fund, will bring at par with Long Term Capital Gain (LTCG) of 10 percent. He believes that these steps will encourage the buyers to purchase home as an investment, especially if they do not already own any property.
Manoj Gaur, Vice President CREDAI-National & MD, Gaurs Group: Manoj Gaur said that heavy allocation of funds toward infrastructure upgradation will help the nation’s development as he welcomed the 2018 Union Budget. He, however, pointed to the fact that the government missed on providing the much-needed cushion to the realty sector. He has hoped for incentives for the sector as this was the first budget after the implementation of GST and RERA Act. He was pleased with the government’s commitment towards Housing for All 2022.
Deepak Kapoor, President CREDAI-Western U.HP. & Director, Gulshan Homz: Deepak Kapoor welcomes the government’s move towards MSMEs. Kapoor opined that even though the government did not make any changes to the tax structure, it did provide benefits to MSMEs. He appreciated the government’s move to extend the corporate tax rate of 25 percent for companies with annual revenue up to Rs. 250 crores. With the reduced tax burden, the industry will see new jobs and start-ups.
Gaurav Gupta, General Secretary CREDAI-Ghaziabad & Director, SG Estates: He observed that even though the real estate sector was given importance at the Union Budget 2018, the proposal to develop 4 lakh kilometers of road and upgrading rural infrastructure will greatly bring up the Tier 2 and 3 cities of India on the realty map. He added that it will boost housing demand and investment opportunities for those regions.
Abhishek Bansal, Executive Director, Pacific Group: He appreciated the government’s interest towards enhancing infrastructure with a fund of Rs. 50 lakh crore. With real estate sector, a no-show, he added that better infrastructure and connectivity will pave way for greater housing and commercial demand in the developing regions.
Parth Mehta, Managing Director, Paradigm Realty: He said that as the salaried group significantly contributes in the industry, the proposed standard deduction would be a breather for potential buyers and would empower them with a higher purchasing power, when it comes to real estate investment. As the government is planning to build one crore houses under Pradhan Mantri Awas Yojana (PMAY) and setting up a dedicated fund under the NHB the goal of Housing for All, is on track. He concluded by adding that building smart cities is another right step, that will effectively influence the demand for housing in times to come.
Digant Parekh, Forefront Group: According to him, the budget did not have any incentive for real estate sector as a whole. Although good incentive has been given to affordable housing, Mr. Parekh said that the government should have viewed real estate as a whole rather than a particular segment. In his thoughts, the biggest dampener for under construction projects has been the advent of GST and stamp duty, clubbing and bringing them down to an aggregate of 10% from the current 18% would certainly help in the revival of the sector. This would further generate additional employment by helping the government to achieve its socialist objective.
New Agenda For Co-Working Spaces Is To Support Female Entrepreneurs
India is the third largest hub for all the start-ups in the world. But of this women-only constitute to 9% of the founders of these companies, as mentioned in the report by Grant Thornton and Assocham.
Shared workplaces are the new norm when it comes to work-spaces and with its latest agenda of going the extra mile for women have interesting offerings piled up for the recent future. A Gurgaon-based co-working space is working at starting a special women’s forum, wherein female community members will get a chance to interact, share experiences, brainstorm, and network.
The idea is to also come up with more women-centric events. A 28-year old, said, “As I get my fintech venture off the ground, I can draw from the strengths of other women with similar ambitions.” This initiative has led to getting support groups and mentor-ship sessions and networking events addressed by successful woman co-founders directed at the female community members looking to establish their own start-ups.
Experts opinion on this new development is that by creating such co-working spaces could prove resourceful in the greater female representation in the start-up scenario. 91springboard has come up with ‘Women Entrepreneurs’ League’, a micro-community of women who work together while also inspiring and encouraging each other to march forward into their business ambitions.
The main intention is creating a pool of inspired women sharing tools, knowledge, and network to help each other grow. Pranay Gupta, the co-founder said, “One of the recent programmes organized was a talk by senior woman entrepreneurs on how would-be founders can turn their dreams of starting up into reality”.
In order to take this drive forward the company is organizing a ‘free week’ at its Gurgaon hub in March, which will invite women to come and work in their space for a week without paying while experiencing the benefits of a co-working space and understanding its viability according to their start-up.
Sessions focusing on emotional well-being for female entrepreneurs, bootstrap budgeting for a company, taxation, investment and finances and most importantly social media presence on LinkedIn will be organized for them.
Various online communities for women will be explored and partnered with by 91springboard and Workspace to support their start-up a help them grow it. It will be an effective step for co-working spaces to drive partnership with the industry insiders for the better engagement of women entrepreneurs”, said Sudeep Singh, Co-founder of Gowork.
SOBHA Wins Three Prestigious Awards At The 10th CIDC Vishwakarma Awards, 2018
Bengaluru, March 13, 2018: SOBHA, India’s most admired and trusted real estate brand has been conferred with three prestigious awards at the 10th Construction Industry Development Council (CIDC) Vishwakarma Awards 2018 at a ceremony held in Delhi recently. This is the second consecutive year and third time when SOBHA has won these awards. The annual CIDC Vishwakarma Awards recognises the work and achievements of individuals and organizations to raise their performance in their specific domains, leading to significant contribution towards the growth and development of the Indian construction industry.
SOBHA has been recognised as the ‘Best Professionally Managed Company’ (turnover > INR 1000 crore). The company has also won the ‘Achievement Award for Social Development & Impact’ for its exemplary contribution towards enriching the lives of the underprivileged in Kerala through Sri Kurumba Educational and Charitable Trust. In addition to these, SOBHA’s premium residential project in Thrissur, Kerala, SOBHA Sapphire has also bagged the ‘Best Construction Projects’.
Speaking on the occasion, Mr. J.C. Sharma, Vice Chairman and Managing Director, SOBHA Limited said, “We are happy to have won top honours at the esteemed CIDC Vishwakarma Awards once again. Since our inception, we have adhered to well-laid out processes that are intrinsic to our work ethic. Our ability to differentiate products and offer unmatched quality enables us to offer a unique value proposition to different segments of customers. For us, equally important is the trust we build in every relationship. While doing so, we remain deeply committed to our community initiatives. These awards are a testimony to our earnest efforts in each sphere. We thank the jury for recognising our commitment and hard work.”
The jury was chaired by Shri. Pradip Bhargava, I.A.S. (Retd.), Former Addl. Chief Secretary Government of Madhya Pradesh. CIDC’s selection process is known to be highly stringent and they filter in hundreds of nominees and their claims by visiting the sites in person to evaluate it on the ground.
About CIDC Vishwakarma Awards: The Planning Commission, Government of India, jointly with the Indian construction industry has set up Construction Industry Development Council (CIDC) to take up activities for the development of the Indian construction industry. The CIDC Vishwakarma awards are inspired by the spirit of construction and creation, patronized by Lord Vishwakarma the ruling deity of the Construction practices in India. CIDC Vishwakarma Awards are meant to motivate individuals’ and organizations’ contribution in construction domain and to promote replicable best practices in the Indian construction industry. CIDC has initiated these awards which recognize and honour the valuable contributions and work of Indian construction fraternity that has significantly enriched the construction domain. It has helped bring about a significant change in construction practices within the Indian Construction Industry. For more information on CIDC, please visit: www.cidc.in
About SOBHA Limited:
Founded in 1995, SOBHA Limited is one of the fastest growing and foremost backward integrated real estate players in the country. It means that the company has all the key competencies and in-house resources to deliver a project from its conceptualization to completion. SOBHA is primarily focused on residential and contractual projects. The Company’s residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes. In all its residential projects, the company lays strong emphasis on environmental management, water harvesting and highest safety standards. On the contractual projects side, the Company has constructed a variety of structures for corporates including offices, convention centres, software development blocks, multiplex theatres, hostel facilities, guest houses, food courts, restaurants, research centres, and club houses. For more information on SOBHA Limited, please visit: www.sobha.com
Indian Realty Sector Celebrates Women Empowerment
This International Women’s Day, the Indian real estate sector celebrated the occasion with fervour. Majority of the developers led various campaigns to honor women in the realty sector. Some of the major campaigns effectively captured the essence of the contributions made by the women of realty.
The leading developer, Raunak Group, established in 1980, has been successfully catering to the housing needs of Mumbai, Kalyan and Thane. Their passion and commitment for creating elegant homes for the home buyers is also reflected into their campaign for the women’s day. Raunak Group launched an audio-visual, giving the way to the goodwill towards its female employees. This touching AV features the women of Raunak, where they reflect the same care that the company has provided them. The women from various departments from the Raunak workforce cites their personal experiences. As how the company has been helpful in their personal and professional journey. Whether it be the flexible shifts or any other requirements, the women have always appreciated the company’s gestures. This helpful environment is what creates great companies and adds milestones in its journey, which is evident from this Raunak Group’s AV.
Another major developer, Puravankara Limited, in its digital campaign has delineated a beautiful message at the occasion of the international women’s day. A wonderful collage of its female employees in this audio-visual portrays a caring environment at Puravankara’s. The female force asserts on the ideal professional treatment that should be given at a workplace, by citing the example of their office lives. They truly appreciates the opportunities given by the Puravankara Limited to them, from time to time, as it has elevated their confidence to the new heights. Following the ideology of a highly evolved thought process, for a better society, Puravankara Limited has created a safe as well as a nurturing environment for its women employees. Hence enforcing a gender balanced leadership in their workforce, Puravankara Limited is ready to explore new levels of success by pressing for the progress.
In an apt campaign, Gera Developments underlines the prominence of the women’s day celebration. Their digital video holds on to the true spirit of the women empowerment by depicting the various achievements by the women in different fields. The developer believes in the caliber of the females, as they truly inspire strength in the social fabric.
The digital campaign by the Sambhav Group, defines the encouraging atmosphere that the women employees get at their workplace. The women at Sambhav explains the comfort given by the company to adjust in their personal as well as the professional lives. The female workforce is content at their progressing journey as the real estate companies have started to provide equal opportunities and the best environment to grow up to the full potential.
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