Realty seeks infra status, raise in exemption limit
The real estate sector in the country wants the finance minister to double the limit of income tax exemption on home loan interest from the present Rs 1.5 lakh, and are seeking infrastructure status for township projects, reports Lalatendu Mishra.india Updated: Feb 15, 2010 22:14 IST
The real estate sector in the country wants the finance minister to double the limit of income tax exemption on home loan interest from the present Rs 1.5 lakh, and are seeking infrastructure status for township projects.
The realty sector also wants the government to keep the external commercial borrowing (ECB) route open for the housing sector so as to reduce the cost of finance.
The sector is also seeking the reduction of stamp duty by 5 per cent and make it uniform across all states.
“The government must do its best to provide housing for all. Individual house buyers should be helped with incentives and so are developers of affordable houses,” said Niranjan Hiranandani, MD, Hiranandani Constructions. “Real estate has become a highly taxed industry. The government must curb it.”
“We are very hopeful that the government will continue to provide stability to the industry and lend its support to the JNNURM scheme further,” said Anshuman Magazine, CMD, CB Richard Ellis, South Asia.
“The thrust of our recommendations have been affordable housing and incentives would increase the supply of housing at affordable prices,” said Santosh Rungta, president, the Confederation of Real Estate Developers’ Associations of India (CREDAI).
Abhisheck Lodha, MD, Lodha Developers, said the budget should make provisions for
laying necessary infrastructure so that new areas could be opened up.