Builders urge new govt to bring policy reforms in realty sector

07 Jun 2024 CW Team

Builders urge the incoming government to enact policy reforms in the real estate sector and lower home loan interest rates. NAREDCO, the realtors' body, emphasises the need for tax incentives for homebuyers and developers to stimulate housing demand. Additionally, the association calls for simplification of project approval processes. According to G Hari Babu, National President, NAREDCO, adjustments to financial limits and incentives for builders are crucial for promoting affordable housing. He stresses the importance of addressing rising home loan EMIs and implementing sustainability incentives to achieve industry growth goals. Babu proposes setting lower interest rates for affordable housing loans for the initial years to alleviate the burden on middle-class families. Specific policy reforms, especially for affordable housing, are deemed essential for sectoral growth. The government is urged to introduce financial incentives and tax breaks for sustainable building practices and affordable housing projects. Easing regulatory constraints and approval processes would further bolster the sector's growth prospects. Anuj Puri, Chairman, Anarock highlights the importance of a stable government for investor confidence and emphasises the need for reforms to incentivise buyers and investors. Pradeep Aggarwal, Founder & Chairman, Signature Global (India), stresses the significance of the infrastructure and real estate sectors for national development and hopes for continued government support, including tax benefits and GST relief, to facilitate sectoral growth.

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