Housing Finance- More Is Not Enough

playing "a very active and positive role in the capital market".
Having acquired command over sizeable investible resources UT I has no doubt become an important member of the financial community but its claim in regard to having reached a new plateau of public acceptance is open to question, It is extremely unlikely that UT I could have performed the way it has if it did not enjoy the various tax concessions it does. It enjoys a monopoly position in this respect. There is no getting away from the harsh fact that it is the wealthtax payers and income-tax assessees in higher brackets who are the major beneficiaries of investment in units. Non-tax payers have little to gain from investment in units, either by way of annual return or capital appreciation. Even on the basis of the concessional prices of Rs 12.60 in July 1984, the dividend of Rs 14.25 per cent gives a yield of only 11.3 per cent. The total capital appreciation in units over a period of 21 years works out to no more than 49 per cent