Union Budget 2017: 78% vote for infrastructure development

Investors will gain if the Union Budget 2017 gives a generous tax rate cut. Magicbricks conducted "The 2017 Budget Expectation Survey", on which over 66 per cent respondents voiced that the Budget can contribute in creating a conducive environment for property purchase.
Investors in most metropolitan cities have been affected to some extent post the demonetisation period.Industry experts such as Gulam Zia, Executive Director, Advisory, Retail and Hospitality, Knight Frank told Magicbricks that "Investors should steer away from the real estate market for the next 2-3 months." And they have been doing exactly the same. Therefore, any sort of positive development will help them to invest in properties.
In the survey, Magicbricks asked questions which would help creating a favourable market. In a couple of months, when the situation improves, investors would like to target the key spots in a bid to earn revenue.
Infrastructure development received 78 per cent vote from respondents making it the number one need of the Budget. Delayed project deliveries has been the bane of investors and end-users alike. No wonder, over 55 per cent voted for focus on the same.
Other factors included deduction in the tax rates and cash liquidity in the market. Post demonetisation, consumers feel cash strapped. This was one of the reasons why city markets of Delhi-NCR, Mumbai, etc. saw a pinch in transactions. This situation, of course, is temporary and would eventually improve which would reflect in the market.
The per centage deduction in tax rates is slightly varied. Though majority want Rs 4 – 5 lakh cut in tax, the chances of this wide a cut in reality might not be possible. Up to Rs 4 lakh cut in tax rates is more realistic.
(Namrata Ekka, Magicbricks Bureau)