Boosting Homebuyers' Morale: Credai's Plea for Tax Benefits and Incentives in Budget 2024
Budget 2024, Real Estate, Homebuyers, Builders, Incentives
Budget 2024Real EstateHomebuyersBuildersIncentivesReal Estate NewsJul 20, 2024
Credai President Boman Irani stated, 'With its significant contribution to the GDP, employment generation, and infrastructure development, the Indian Real Estate sector looks forward to a supportive budget that addresses certain long-standing challenges and sets the platform for sustainable and sustained growth.'
To stimulate homebuying, Credai suggested that the finance ministry should consider allowing unlimited interest deductions for the first self-occupied property or increasing the deduction limit to Rs 5 lakh from Rs 2 lakh currently. Domnic Romell, President of CREDAI-MCHI, demanded that the government should finally grant industry status to the sector and take effective steps to rejuvenate the affordable housing segment, which has been struggling since the pandemic.
High-impact measures like tax breaks are needed to revitalise this crucial segment, Romell added. PropEquity founder and CEO Samir Jasuja stressed the need for a single-window clearance system to ensure timely approvals for real estate projects. Ramesh Menon, founder and Director of Delhi Consortium, said it is crucial for the real estate sector to be granted 'industry status' in the budget 2024.
The government should take proactive measures to boost demand, rationalise costs, and minimise regulatory bottlenecks, he added. Gaurs Group CMD Manoj Gaur emphasized the need for the reintroduction of the interest subvention scheme to revive mass housing and a redefinition of affordable housing. Landmark Group's Sandeep Chhillar and Smartworld Developers' Vivek Singhal also echoed the need for industry status and single-window clearance.
Information
Credai is the apex body of real estate developers in India, with over 12,000 members across the country. The organization aims to promote the real estate sector and address the concerns of its members.
Credai, Confederation of Real Estate Developers' Associations of India, is the leading industry body of real estate developers in India.
Keywords Budget 2024, Real Estate, Homebuyers, Builders, Incentives, Tax Benefits, Affordable Housing, Industry Status, Single-Window Clearance
Frequently Asked Questions
What is Credai's main demand from the government in Budget 2024?
Credai's main demand is to provide more tax benefits to homebuyers, offer incentives to builders to develop low-cost homes, and streamline the approval process to undertake real estate projects.
Why is the real estate sector seeking industry status in Budget 2024?
The real estate sector is seeking industry status to boost demand, rationalise costs, and minimise regulatory bottlenecks.
What is the current deduction limit for home buyers, and what is Credai's proposed limit?
The current deduction limit is Rs 2 lakh, and Credai proposes to increase it to Rs 5 lakh.
Why is single-window clearance important for real estate projects?
Single-window clearance is important to ensure timely approvals for real estate projects and to reduce regulatory bottlenecks.
What is the significance of affordable housing in the real estate sector?
Affordable housing is a crucial segment in the real estate sector, and its growth is essential for the sector's overall development.
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