Key Points
Real estate developers are seeking an increase in deduction of principal repayment of home loans, expansion in the definition of affordable housing, reduction in long-term capital gains tax in the upcoming Union Budget for 2024-25 to help the sector witness sustained growth by supporting demand creation...
Realty developers body the Confederation of Real Estate Developers' Associations of India (CREDAI) has written to the Finance Ministry to also suggest reintroduction of Credit Linked Subsidy Scheme (CLSS) for middle income group, reduced stamp duty, streamlined approval processes, and subsidies for developers investing in affordable housing projects...
"With its significant contribution to GDP, employment generation, and infrastructure development, the real estate sector needs a supportive budget that addresses long-standing challenges and paves the way for sustainable growth, especially for the affordable housing segment..
According to Irani, through these recommendations, the developers body has addressed some of the key fundamental issues that will provide a boost to both demand and supply, through a mix of increased tax exemptions and tweaks in the definition of affordable housing which is bound to provide a definitive way forward as Indian real estate is projected to contribute close to 20% of Indias economy once it reaches the $10 Trillion milestone...
It has also suggested additional incentives like reduced stamp duty, streamlined approval processes, and subsidies for developers investing in affordable housing projects to further boost the sector and promote sustainable urban development..
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