Gurugram developers seek more Swamih funds, tax relief

Developers in Gurugram and across India have written to the finance minister seeking more funds and tax relief in the upcoming Union budget. They have requested the second tranche of the SWAMIH funds and incentives for rental housing to achieve the 'housing for all' target.

Updated on: Jan 26, 2024, 05:06:09 IST

By Abhishek Behl, Gurugram

Prefer HTon Google

Share via

Copy link

The developers based in Gurugram and across the country, under the aegis of National Real Estate Development Council (Naredco), have written to the Union finance minister to seek more funds and tax relief as a pre-budget demand. They also urged the finance ministry to come up with the second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) funds of ₹50,000 corpus in the upcoming Union budget for FY 2024-2025, people aware of the development said on Thursday.

The developers also sought budgetary support and relaxations, including allowing input tax credit under GST and incentives for rental housing in order to achieve the ‘housing for all’ target.

The developers said that Swamih funds will further help in reviving housing projects that are stuck, boost liquidity in the housing sector and also push for affordable home segment.

Union budget will be presented by finance minister Nirmala Sitharaman on February 1.

G Hari Babu, president, Naredco, suggested the amendment of Section 23(5) to either abolish “notional income” or increase the timeline by five years for considering it as it caused a considerable tax burden. “In order to incentivise rental housing in the country, the tax burden on notional rental income should be exempted,” he said, apart from asking for easier funding for the industry and MSME status to some projects within parameters.

ABOUT THE AUTHOR
Abhishek Behl
Abhishek Behl is a Special Correspondent with Hindustan Times, Gurugram bureau. With over a decade of experience in journalism, he reports on Gurugram's rapid urban transformation, covering the city's changing infrastructure, governance, and planning landscape. His reporting spans major civic agencies, such as the Gurugram Metropolitan Development Authority (GMDA), Department of Town and Country Planning (DTCP), Haryana Shahari Vikas Pradhikaran (HSVP), and the National Highways Authority of India (NHAI). Behl has reported on key urban development issues such as RRTS projects, metro expansion, road and highway projects, water supply, drainage, mobility, environmental concerns, land use planning, affordable housing, and the city's real estate sector. He closely tracks policy decisions, infrastructure implementation, and their impact on the city and its residents. He also covers regulatory action against illegal constructions, urban flooding, traffic management, and initiatives aimed at improving civic services and sustainable development. Behl has also written on political developments in south Haryana, focusing on elections and governance. His journalism is driven by fact-based reporting, ground-level coverage, and an understanding of the social and economic dynamics of Gurugram. Apart from work he is a cyclist and a cricketer and a resident of Palam Vihar since 2010.Read More