e-NEWS

THE MONTH AT MCHI

March 2016
Budget Show with MagicBricks Now on 29th Feb 2016
 

For the first time MCHI - CREDAI and Times Network's Magic Bricks Now, collaborated for the Live Coverage of the Union Budget 2016. For this event, all stake holders, including MCHI-CREDAI Members, along with IPC Heads, NBFC Heads & other stake - holders came together to discuss the Budget 2016 in real time in front of the Live Television audience. The program began with Pre - Budget Panel discussion moderated by Faye D'Souza Managing Editor, Magic Bricks Now, with elite panellists comprising of industry stalwarts. The event involved three panel discussions, with the panels comprising of the top names in the Real Estate and peripheral sectors. The panellists on the first Panel discussion, started with expectations of Real - Estate industry from Budget 2016.

The pre-budget panel discussed: Expectations & Impact of Budget 2016 on Real - Estate
Mr. Mayur Shah, President - Elect, MCHI - CREDAI
Mr. Sanjay Dutt, Managing Director - India, Cushman & Wakefield
Mr. Pranay Vakil, Founder Chairman, Praron Consultancy
Mr. Jayesh Kariya, Partner - International Tax & Regulatory, KPMG

Post - Budget Panel Session I started at 1 PM which discussed at the length the following:
Key takeaways - Big impact announcements for Real Estate industry for the budget
Panelists:

Mr. Dharmesh Jain, President, MCHI - CREDAI
Mr. Sanjay Datt, Managing Director - India, Cushman & Wakefield
Mr. Avinash Narvekar, Partner, E & Y
Mr. Anil Harish, Partner, D M Harish & Co.

Post - Budget Panel Session II started at 1:30 PM which discussed the following:
Big impact announcements for the home buyer.

Mr. Dharmesh Jain, President, MCHI - CREDAI
Mr. Pranay Vakil, Founder Chairman, Praron Consultancy
Mr. Boman Irani, Vice - President, MCHI - CREDAI
Mr. Ghulam Zia, Executive Director - Advisory, Retail & Hospitality, Knight Frank

The Key announcements made in the Budget impacting Real - Estate industry are:

  • The Dividend Distribution Tax exemption for REITs - clearing last hurdle on the way of listing of REITs.
  • Additional deduction of Rs. 50,000 on interest repayment for loans upto Rs. 35 Lakh for a house value of up to Rs. 50 Lakh.
  • 100% tax exemption of profit for developers and exemption from service tax for construction of houses up to 30 Sq. Mtrs. in metros 60 Sq. Mtrs. in other cities.


 
 
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