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.

Infrastructure Urban

17 Sep 2025

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..