Realtors’ body Naredco on Thursday urged the government to hike deduction on home loan interest to Rs 5 lakh from Rs 2 lakh limit at present and re-introduce subvention scheme in the upcoming Budget to boost sales of residential properties and create housing revolution.
The association also sought incentives for rental housing and more stress funds to help complete distressed and stalled projects.
“Last three years have been extremely difficult for the real estate industry. The reforms like demonetisation and realty law RERA as well as the liquidity challenges in the NBFCs post-IL&FS crisis hit demand. The industry went through tough times,” Naredco National president Niranjan Hiranandani told reporters through a video conference.
He said the central government and some states like Maharashtra have taken various decisions to boost housing demand, but more needs to be done.
We want a housing revolution like the IT revolution and green revolution.
As India hopes to recover from the COVID-19-induced economic crisis, all eyes are now on the Union Budget for the upcoming financial year.
The Union Budget 2021 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2021, and the Centre has already started consulting stakeholders and industry experts ahead of the budget announcement.
Here are some key expectations from Union Budget 2021.