While the Union budget has been lauded by many sectors, the real estate sector in the state is not particularly happy as many of its expectations were not met.

Ambuja Realty chairman Harsh Neotia said though the budget has talked about spurring growth, "some tax incentives should have been given to the real estate sector as it has been hit badly by the meltdown." He added that the surcharge could have been removed from corporate tax.

The Centre should have given more incentives for low housing, said Sushil Mohta, managing director, Meriln Group. "Nearly 30% of the total cost of a house goes out in various taxes like service, VAT, central excise etc -- they should be removed to make a house more affordable," he added.

CREDAI Bengal president Pradeep Sureka said the state government should take the opportunity of the increment on infrastructure spending and launch some schemes soon for the benefit of the state.

PS Group chairman and managing director Pradip Chopra told FE that the extension of the STPI tax benefit by one year is not sufficient as many STPIs are under construction. "It should have been extended by at least five to 10 years. Most of the IT companies are hesitant to move to STPIs now (software technology parks of India) as the benefit ends in a year," he pointed out.