Budget
Expectation by Mr. Venu Vinod, Managing Director, Cybercity Builders &
Developers Pvt Ltd.
Finance
Minister Mr. Arun Jaitely will be presenting the budget for Financial year
2015-2016 on 28th February, According to Mr. Venu Vinod, Managing
Director, Cybercity Builders & Developers Pvt Ltd, the requirement of the
real estate industry to spur growth & sales. "To encourage the
customers to purchase a house, we request the government to reduce the
interest rate for home loans on par with developed nations, The home loan
interest rate is around 5-6% in the developed countries whereas it is more than
10% in India. We request the Government to device a policy or announce interest
subvention schemes to reduce the rates for home loans and make it at par with
the global levels. This will reduce the
EMI burden and increase the eligibility of the customer, making him purchase
the property.
The government should
also increase the threshold limit for the deduction on interest on housing
loans U/S 24(b) to Rs. 2.5 lakhs. This
is important as the cost of property has increased significantly and the
increase in limits will encourage individuals to invest more in the real estate
sector and avail the tax sops.
 |
| Venu Vinod, MD, Cybercity Builders & Developers |
For developers:
The cost of land is a major cost component for any real estate project, but
the bank s and financial institutions
do not provide funds to purchase land. We wish the government directs the banks and financial institutions to help the developers
with loans for the purchase of land and subsequently for developing it. Moreover the real estate projects face a
large number of taxes (i.e. VAT, Service Tax, stamp duties etc). Which are
difficult to calculate and submit. We request the government to introduce a
proper tax regime which will simplify the calculation of taxes for the real
estate projects and introduce a system of a single challan for submission of
all the taxes making it easy for the developers to calculate and submit the
Taxes."
"We hope the
government positively considers these requirements of the industry to help
improve the customer interest in purchasing a house and in simplifying the processes, increasing the
funding to help us contribute
positively towards providing ' Housing
for All'."
About Mr. Venu Vinod,
Managing Director, Cybercity Builders & Developers Pvt Ltd: Mr. Venu Vinod is the Managing Director of
Cybercity Builders & Developers Pvt Ltd. He has more than 15 years of cross
functional experience in Real Estate sector.
He started his career as a distributor for L&T for their Engineering
products and over the past 20 years has grown into a multi product distributor
chain. He heads the LPF Group as its Managing Director, headquartered in
Hyderabad. He is a hand on entrepreneur and monitors all the construction
activities, supply chain, sales & marketing and labor relations at
Cybercity builders & developers pvt. ltd.
About Cybercity Builders &
Developers Pvt Ltd
: Cybercity Builders & Developers Pvt Ltd. envisions its presence in the
construction industry as a professional enterprise striving to provide quality
solutions in the field of High rise apartments, Villas, retail & Office
spaces, Shopping Malls, Education, IT/ITES SEZ construction. Cybercity is a young and dynamic company found
along with the promoters of Ashoka Builders & Developers Pvt Ltd. in 2005
and since its inception it has matured into a dynamic result-oriented and
professional company. The group has so far completed more than 42 commercial
and residential properties in and around Hyderabad. With expertise in
construction, project management, engineering and marketing, its customer
relationship is the backbone of the company’s success. Construction of
integrated townships & building residential complexes with all amenities
like schools, banks, playground etc is something the company excels in
For further information, please
contact: Konnections,
Sunil Kumar M: 9866520337, Anurag Kumar: 8686072400, sunil@konnections.co.in, kumar.a@konnections.co.in
No comments:
Post a Comment