CREDAI Seeks Tax Relief for Housing

27 Nov 2024 CW Team

On its 25th foundation day, CREDAI, the apex body for realtors in India, urged the government to implement measures to boost affordable and mid-income housing demand. At a press conference, CREDAI President Boman Irani proposed a 100% deduction on home loan interest under Section 24 of the Income Tax Act, replacing the current cap of ?2 lakh, to incentivize homebuyers.

To align with market inflation since 2017, CREDAI recommended revising the definition of affordable housing by raising the price cap from ?45 lakh to ?75-80 lakh. For under-construction homes within this revised range, the body suggested reducing GST to 1%, compared to the current 5% for properties exceeding ?45 lakh. This change, Irani argued, would lower the tax burden on homebuyers and stimulate housing demand.

CREDAI also proposed removing the price cap entirely from the affordable housing definition, retaining only the carpet area criteria—60 square meters in metros and 90 square meters in non-metros.

CREDAI President-Elect Shekhar Patel emphasized the potential economic boost from a full deduction on home loan interest, while Chairman Manoj Gaur highlighted the challenges developers face in securing approvals, often taking 12-18 months. Gaur called for streamlined procedures to enhance the ease of doing business in the sector.

Established in 1999, CREDAI represents over 13,000 members across India and continues to advocate for reforms to drive growth in real estate, particularly in affordable and mid-income housing. The proposed measures align with the government’s housing-for-all vision and aim to benefit both developers and homebuyers.

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