Reaction on the budget 2012-13 from Mr. Amit Gupta, MD, Orris Infrastructure Private Limited, a fast growing infrastructure development group.
The Budget did not provide the, hoped for, necessary impetus for the real estate sector. While the emphasis was on Infrastructure development, the introduction of TDS on sale of immovable properties, enhancement of service tax to 12% and no enhancement of tax breaks for the home buyer are negatives for the sector. Permitting ECB for the affordable housing is the only welcome move.
Set up in 2007, Orris Infrastructure is a fast growing infrastructure development group with Sales turnover of Rs.500 Cr. within a short span of five years. Seeing this growth Kotak Realty Fund has recently invested in the company. Orris operates across five main verticals, viz. Real Estate, Energy, Hospitality, Education and Golf. Orris is amongst the largest land consolidators of Gurgaon/NCR with a land bank of over 1000 acres.
Within a period of four years, Orris has announced very prestigious projects across Gurgaon / Noida and has over 4 million sq.ft. under-construction across the projects. Orris Group strongly believes in the “debt-free” philosophy, which lays a strong foundation as well as adds credibility to the initiatives. Orris is creating residential, commercial and retail spaces as well as developing complete townships. The focus in each development is to create aesthetic projects that are eco-friendly.