New government must revamp realty sector policies: NAREDCO
Real Estate

New government must revamp realty sector policies: NAREDCO

The Realtors Association of North America (NAREDCO) requested that the incoming administration implement legislative changes to support the real estate industry's growth and offer tax breaks to developers and house purchasers to increase demand for homes. The group also aimed to expedite the process of obtaining project development clearances.

In response to the results of the Lok Sabha elections 2024, NAREDCO National President G Hari Babu stated that the real estate sector was at a crucial juncture, with significant growth potential yet facing considerable challenges. He emphasised the need for government support to achieve the goal of reaching a market size of $1 trillion by 2030 and transforming into a net-zero carbon industry by 2047. According to Babu, addressing the issue of rising home loan EMIs, implementing key policy reforms, and introducing sustainability incentives were imperative. He highlighted the importance of making affordable housing more accessible by adjusting financial limits and providing incentives for builders to ensure progress. Babu expressed the organisation's specific requests to the government, urging action to tackle the increasing home loan EMIs and interest rates. He pointed out the significant rise in interest rates from 6.25 percent before COVID-19 to around 8.75 percent presently, which has made monthly EMIs prohibitively expensive, particularly for middle-class families. Babu appealed to the government to alleviate this burden by offering lower interest rates for affordable housing loans. Moreover, Babu stressed the necessity of specific policy reforms to stimulate growth in the real estate sector, particularly in the affordable housing segment. He emphasised the expectation for the government to implement policy reforms and incentives to support the growth and sustainability of the real estate sector. These reforms, according to him, could include financial incentives for sustainable building practices and subsidies or tax breaks for developers focusing on affordable housing projects. Samir Jasuja, CEO and MD of real estate data firm PropEquity, highlighted the significant surge in real estate prices in recent years, almost doubling in the last four years. He pointed out that tax deductions offered on home loans haven't kept pace with these rising property values, effectively halving the benefit of these deductions. Jasuja emphasised the need for reforms to incentivize both buyers and investors to achieve the government's objective of a $1 trillion real estate industry. Pradeep Aggarwal, Founder and Chairman of Signature Global (India), emphasised the crucial role of the infrastructure sector alongside real estate in achieving the goal of 'Vikshit Bharat'. He expressed confidence that the new government would continue focusing on infrastructure development beyond metro and large cities, as well as on the real estate sector, considering their multiplier effect on the economy. Aggarwal expressed hope that the new government would extend income tax benefits on home loans in the new income tax regulations and address challenges faced by these sectors, including easing the burden of Goods and Services Tax (GST) on both developers and consumers.

The Realtors Association of North America (NAREDCO) requested that the incoming administration implement legislative changes to support the real estate industry's growth and offer tax breaks to developers and house purchasers to increase demand for homes. The group also aimed to expedite the process of obtaining project development clearances. In response to the results of the Lok Sabha elections 2024, NAREDCO National President G Hari Babu stated that the real estate sector was at a crucial juncture, with significant growth potential yet facing considerable challenges. He emphasised the need for government support to achieve the goal of reaching a market size of $1 trillion by 2030 and transforming into a net-zero carbon industry by 2047. According to Babu, addressing the issue of rising home loan EMIs, implementing key policy reforms, and introducing sustainability incentives were imperative. He highlighted the importance of making affordable housing more accessible by adjusting financial limits and providing incentives for builders to ensure progress. Babu expressed the organisation's specific requests to the government, urging action to tackle the increasing home loan EMIs and interest rates. He pointed out the significant rise in interest rates from 6.25 percent before COVID-19 to around 8.75 percent presently, which has made monthly EMIs prohibitively expensive, particularly for middle-class families. Babu appealed to the government to alleviate this burden by offering lower interest rates for affordable housing loans. Moreover, Babu stressed the necessity of specific policy reforms to stimulate growth in the real estate sector, particularly in the affordable housing segment. He emphasised the expectation for the government to implement policy reforms and incentives to support the growth and sustainability of the real estate sector. These reforms, according to him, could include financial incentives for sustainable building practices and subsidies or tax breaks for developers focusing on affordable housing projects. Samir Jasuja, CEO and MD of real estate data firm PropEquity, highlighted the significant surge in real estate prices in recent years, almost doubling in the last four years. He pointed out that tax deductions offered on home loans haven't kept pace with these rising property values, effectively halving the benefit of these deductions. Jasuja emphasised the need for reforms to incentivize both buyers and investors to achieve the government's objective of a $1 trillion real estate industry. Pradeep Aggarwal, Founder and Chairman of Signature Global (India), emphasised the crucial role of the infrastructure sector alongside real estate in achieving the goal of 'Vikshit Bharat'. He expressed confidence that the new government would continue focusing on infrastructure development beyond metro and large cities, as well as on the real estate sector, considering their multiplier effect on the economy. Aggarwal expressed hope that the new government would extend income tax benefits on home loans in the new income tax regulations and address challenges faced by these sectors, including easing the burden of Goods and Services Tax (GST) on both developers and consumers.

Next Story
Infrastructure Urban

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..

Next Story
Real Estate

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 ..

Next Story
Infrastructure Transport

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..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?