According to Pradeep Jain, Chairman, Confederation of Real Estate Developers Associations of India, reforms in real estate sector hold the key to the government achieving GDP growth targets. Tax reforms and measures to access low cost funds through external commercial borrowings are needed, he said.
Pradeep Jain told the media that the sector impacts more than 250 manufacturing and services industries including steel and cement. A fillip to real estate development holds immense potential for boosting economic activity and job generation. Supporting the real estate sector is important for the Government to achieve growth targets of 7-8 per cent. Also, residential development needs to be supported to address the housing needs of the public, he said.
Credai, the apex representative body of builders, hopes that in the coming Budget real estate sector to be granted industry status, measures to bring down home loan rates and bank support for project development. Tax concessions for affordable housing and income tax relief will help, he said.