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We expect measures to boost realty: NR Alluri
Expecting favourable steps from the Centre government in Union Budget 2019 to boost real estate sector in the country, Narayana Raju Alluri, Managing Director, NCC Urban Infrastructure Limited, underlined the need for the key sector to be recognised as a priority sector so that developers would be able to raise funds easily and at low-cost as well.
Hyderabad: Expecting favourable steps from the Centre government in Union Budget 2019 to boost real estate sector in the country, Narayana Raju Alluri, Managing Director, NCC Urban Infrastructure Limited, underlined the need for the key sector to be recognised as a priority sector so that developers would be able to raise funds easily and at low-cost as well.
"Developers and real estate companies can raise funds easily if the realty is given priority sector or industry status. We expect some positive measures in the Budget to boost the key sector," Alluri told The Hans India.
NCC Urban, a part of city-based infrastructure major NCC Limited, is into real estate sector. Its operations span across residential, commercial, integrated townships and serviced apartments. It also develops SEZs. It has presence in Hyderabad, Bengaluru, Chennai, Guntur, Ranchi and at several other places. The company completed over 30 projects.
Further commenting on Budget 2019, NR Alluri pointed out that the Centre might impose tax on open lands to incentivise construction. "Through tax on open residential lands and plots, the central government may see to it that people will go for constructions instead of keeping lands idle," he said.
According to Alluri, affordable housing gained traction thanks to schemes like Pradhan Mantri Awas Yojana (PMAY). "In this Budget, there will be more focus on affordable housing. We expect the central government to offer more incentives to the affordable housing sector," he said.
NCC Urban will also focus on affordable housing sector. "We are looking at developing 2BHK apartments with carpet area below 850-860 sft. Such units will attract tax exemptions and interest subsidies when first time buyers purchase them. We are expecting sales of affordable unit to go up," he said.
He maintained that two-bedroom apartments with carpet area below 850 sft would be enough for first time buyers. "Most of the people who buy apartments are IT employees who come from other parts of the country or outside Hyderabad. For them, 2BHK as first house will be enough. They can upgrade to a bigger house later," he said.
-P Madhusudhan Reddy
