Boosting Housing Demand: Realtors Advocate for Tax Incentives
Realtors urge government to introduce tax incentives to stimulate growth in the real estate sector and boost housing demand.
Housing DemandReal Estate SectorTax IncentivesNaredcoPolicy ReformsReal Estate NewsJun 04, 2024
The real estate sector has been experiencing a slowdown in recent years, with housing demand plummeting due to various factors such as high property prices, sluggish economy, and lack of affordable housing options. This has resulted in a significant decline in housing sales, affecting the entire ecosystem of the sector.
To address this issue, NAREDCO has proposed several measures, including tax incentives for homebuyers, developers, and investors. The organization believes that these incentives will not only stimulate housing demand but also attract more investments in the sector.
One of the key proposals is to offer tax benefits to homebuyers, such as deduction on interest paid on home loans, and exemption from tax on notional rent on self-occupied properties. This, according to NAREDCO, will make homeownership more affordable and attractive, leading to an increase in housing demand.
Another proposal is to offer tax benefits to developers, such as relaxation on tax on profits from housing projects, and exemption from tax on income from rental properties. This, according to the organization, will encourage developers to invest in housing projects, leading to an increase in housing supply.
NAREDCO has also proposed measures to attract more investments in the sector, such as relaxing foreign direct investment (FDI) norms and introducing real estate investment trusts (REITs). This, according to the organization, will provide an opportunity for investors to invest in the sector, leading to an increase in housing supply and demand.
The National Real Estate Development Council (NAREDCO) is a leading body of realtors that aims to promote the development of the real estate sector in India. The organization has been actively involved in promoting policy reforms and initiatives that benefit the sector and stakeholders.
NAREDCO is a non-profit organization that was established in 1998. The organization has over 5,000 members, including developers, builders, and investors. NAREDCO has been instrumental in promoting the development of the real estate sector in India, and has played a key role in shaping policies and initiatives that benefit the sector.
Frequently Asked Questions
What is the current state of the real estate sector?
The real estate sector has been experiencing a slowdown in recent years, with housing demand plummeting due to various factors such as high property prices, sluggish economy, and lack of affordable housing options.
What are the measures proposed by NAREDCO to boost housing demand?
NAREDCO has proposed several measures, including tax incentives for homebuyers, developers, and investors, relaxation on tax on profits from housing projects, and exemption from tax on income from rental properties.
How will tax incentives benefit homebuyers?
Tax incentives such as deduction on interest paid on home loans, and exemption from tax on notional rent on self-occupied properties will make homeownership more affordable and attractive, leading to an increase in housing demand.
What is the role of NAREDCO in the real estate sector?
NAREDCO is a leading body of realtors that aims to promote the development of the real estate sector in India. The organization has been actively involved in promoting policy reforms and initiatives that benefit the sector and stakeholders.
What is the objective of NAREDCO's proposals?
The objective of NAREDCO's proposals is to stimulate growth in the real estate sector, particularly in the housing segment, and address the current slowdown in the sector.
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