Welcoming Finance Minister P Chidambaram's measures in the Budget to boost infrastructure and rural housing, the real estate industry on Friday said there was scope to do more for the sector.

"The sops given to infrastructure and housing sector in rural areas is a welcome move," Parsvnath Developers [Get Quote] Chairman Pradeep Jain said.

He said the sector was expecting industry status, which would have benefited in the growth of the segment.

"While we welcome the emphasis on education and health given by the Finance Minister, the long awaited demand for industry status for the real estate sector would have gone a long way in providing the desired impetus to the growth of the sector, which is highly capital intensive," he added.

Echoing similar sentiments, Omaxe Managing Director Rohtas Goel said: "Budget has a lot to offer to common man, education and social needs, propelling the social growth of India. It has, however, failed to come up to the expectations of the industry, especially real estate and infrastructure."

On incentives to the hospitality sector, Jain said tax holidays for Unesco sites hotel would give boost to heritage tourism.

Meanwhile, AEZ Group's Managing Director Sanjeev J Aeren expressed optimism that increase in short term capital gain tax to 15 per cent from 10 per cent would encourage people to look for avenues beyond stock market and "real estate at this moment is the best bet".

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