New Delhi, Welcoming the budget tabled today by Hon Finance Minister, Mr. Pradeep Jain, Chairman, Parsvnath Developers Limited, said, "I personally feel that today budget was for aam-admi, it is good for each and every individual in the society, the budget is supportive for the tax payers as the extension of limit will help in reducing burden on individual tax payers. I am sure that the budget tabled today will induce renewed sense of optimism over the country growth.

Adding further, Mr. Jain, said, that, "The budget is good for all public in general and for infrastructure sector, food processing units and the large support to the rural development including PPP projects, education and health etc. In other words, the budget is good for each and every individual and all the sectors. But the developers have looked forward to more sops to bring housing affordable for all the sectors of the society, however, we welcome honble finance minister move of provision of Rs 700 crore and extension of interest subvention scheme of 1% on all individual housing loans upto Rs 10 lakh for units costing upto Rs 20 lakh till March 30, 2011. The scheme recognizes that cut in interest rates has an important role to play in reducing EMIs of borrowers & creating additional demand for low cost housing. We are of the view that it will encourage and prompt the developers to give more importance to projects which will cost upto Rs 20 lakh. However, it would have been more fruitful for the buyers and developers had the limit been increased from units costing upto Rs 20 lakh to units costing upto Rs 30 lakh"

"Honble finance minister further support to the real estate sector to continue to get the benefit under 80IB(10) on the ongoing affordable housing projects which were earlier required to be completed in 4 years from the date of sanction are now allowed to be completed in five years. This indeed is a direct support to the sector as during the slowdown some projects did get delay but now the developers will continue to get the tax benefit in affordable housing projects under section 80 IB (10). Partial roll back of excise duty on cement and cement products is a welcome move as it will help in reducing the input cost thereby making the final product economical", added Mr. Jain.

Notes to Editor

Parsvnath Developers Limited (PDL) is one of India leading real estate developers with a pan-India presence spread over 47 cities and 16 states, across key verticals in the real estate sector. The company has a developable area of over 193 million sq. ft. and has started development & construction of 57 projects on 79.88 million sq.ft. The company is aggressively working on 42 million sq. ft. out of which 35.16 million sq. ft. is already pre booked and is moving ahead towards its objective of handing over approximately 30 million sq. ft. within 24 months. The key business segments include development of residential, commercial (office & retail), DMRC projects (BOT basis), Hotels, SEZs, IT Parks, third party construction with a strong project execution capability with high experienced in-house construction and procurement teams.

For more details please visit www.parsvnath.com