Union Budget 2015-16 is big disappointment to real estate sector

The Union Budget for 2015/16 is a big disappointment to the real estate sector.

There were huge expectations from the government but it did not deliver on what was promised.

Prime Minister Narendra Modi had announced 'Housing for all by 2022', however he did not give a roadmap on how to achieve the same, although it is the first time that the target has been set in the Union Budget.

The increase in the service tax to 14 per cent will prove to be quite burdensome as it will affect the purchasing power of home buyers.

Overall, the expectation of the housing industry from the government was very high and they have not been met.

(The author is the managing director of Prajapati Constructions)