New Delhi: The Confederation of Real Estate Developers’ Associations of India (Credai) has urged the government to introduce more tax benefits for homebuyers, offer incentives to builders focusing on low-cost housing, and simplify the approval process for real estate projects in the upcoming Budget. Credai highlighted that these recommendations aim to stimulate growth in the real estate sector, which significantly contributes to GDP, generates employment, and fosters infrastructure development.
Boman Irani, president of Credai, emphasised the need for supportive measures in the budget. Recommendations include increasing interest exemptions for homebuyers, reintroducing the Credit Linked Subsidy Scheme (CLSS), and boosting affordable housing initiatives.
Key Recommendations
Credai suggested allowing unlimited interest deductions for the first self-occupied property or increasing the current deduction limit from Rs 2 lakh to Rs 5 lakh. These measures are aimed at encouraging homebuying and supporting affordable housing projects.
Sector’s Expectations
Domnic Romell, president of CREDAI-MCHI, stressed the urgency of measures to improve market sentiment. He advocated for granting industry status to the real estate sector and revitalizing the affordable housing segment, which has faced challenges post-pandemic.
Call for Tax Breaks
PropEquity’s Samir Jasuja emphasised the necessity of a single-window clearance system to ensure timely project approvals, which is crucial for the sector’s growth. Ramesh Menon from Delhi Consortium underscored the importance of granting ‘industry status’ to the real estate sector in Budget 2024. He urged proactive steps to boost demand, streamline costs, and reduce regulatory hurdles.
High Hopes from Budget
Manoj Gaur, CMD of Gaurs Group, expressed high expectations from the upcoming budget. He called for reintroducing the interest subvention scheme to revive mass housing and suggested redefining affordable housing criteria to better align with current market conditions.
Consensus on Single-Window Clearance
Sandeep Chhillar, Chairman of Landmark Group, echoed the demand for industry status and stressed the need for a single-window clearance mechanism to expedite real estate projects. Vivek Singhal, CEO of Smartworld Developers, emphasized the urgent need for single-window clearance to streamline approvals and enhance efficiency in the real estate sector.
Budget 2024 Expectations of Real Estate sector: Credai suggested allowing unlimited interest deductions for the first self-occupied property or increasing the current deduction limit from Rs 2 lakh to Rs 5 lakh. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
