India's real estate firms got no relief from the interim budget announced on Monday, as the finance minister referred to previous measures for the sector.

Realty firms were gearing up for incentives to boost middle income housing demand and funding. Instead, Acting Finance Minister Pranab Mukherjee promised higher spending later in the year to curtail job losses ahead of federal elections due by May.

'He just referred to both stimulus packages and said we've already tackled it...It was all "we have", "we have", there was no 'we are',' said Ravi Ramu, Chief Financial Officer of Puravankara Project, describing the budget.

Financial Express