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Hospitality, a New Gateway for Builders

Comments Off on Hospitality, a New Gateway for Builders   |   March 2, 2007    04:04pm   |Contributed by Indian Realty News

The budget has not laid out anything important for real estate industry. Where the move has actually initiated to bring reforms is the hospitality sector. Most property developers in the Capital, NCR are now jostling hard to enter the hotel industry after Mr. P. Chidambaram, the finance minster, P. Chidambaram announced a five year income tax holiday for two, three, and four star hotels.

Taneja Builders, one of the prominent builders in India, is all set to make contribution in the hospitality sector and is planning to come up with some good hotels in the region.

The tax holiday will also include convention centres with a seating capacity of not less than 3,000. However, the hotel authorities will only be able to avail the benefits if they complete and begin operations in the National Capital Territory of Delhi or in the adjacent districts of Faridabad, Gurgaon, Ghaziabad or Gautam Budh Nagar in between April 1, 2007 and ending March 31, 2010.

The Delhi NCR appears to have been the only region that would be benefited from the Budget, and that is also just because of the Commonwealth Games. This will help Delhi to emerge as the maximum city and offer growth prospects to the hospitality industry, encouraging builders to venture into this sector in a big way.

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