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Budget balanced, but not path breaking

The focus on infrastructure was the most positive aspect of the budget, says Global real estate consultant CB Richard Ellis.

india Updated: Feb 28, 2006 18:53 IST

Global real estate consultant CB Richard Ellis termed the Union Budget 2006-07 as balanced, but not path breaking.

"The focus on infrastructure was the most positive aspect of the budget," CB Richard Ellis South Asia Pvt Ltd Managing Director Anshuman Magazine said in a statement.

Funding of the metro in Mumbai, Bangalore and Hyderabad, access express ways- Delhi-Jaipur, Delhi-Chandigarh and the south of India, development of 15 tourist destinations and 50 village destinations, development of industrial townships are some of the positives of the budget, he said.

"However, implementation of the above needs to be monitored," he said, adding that previous budget had also announced such schemes but they fell short of implementation.

Magazine pointed out that the previous budget had an excellent scheme of Urban Reform Incentive Fund (URIF) to provide incentives to the state government for initiating reforms in the real estate sector such as reforms in property tax, rationalising of stamp duty, reform on rent control laws, levy of reasonable user charges.

"These still need to be pursued further and implemented a the earliest," he said.

There was no mention about disinvestment in the current budget, which would have released huge amounts of funds for the infrastructure sector, he opined.

"Widening of the tax space should be along with the reduction of tax rates which was not the case in this budget," he said.

First Published: Feb 28, 2006 18:14 IST