Budget expectations 2021: NAREDCO
ECONOMY & POLICY

Budget expectations 2021: NAREDCO

In our CW Budget 2021 series, we cover expectations from associations that represent our industries. Here is a list of expectations from Budget 2021 from National Real Estate Development Council (NAREDCO), the autonomous self-regulatory body set up in 1998 under the Ministry of Housing and Urban Affairs, Government of India.

NAREDCO believes that rental housing will play a vital role in achieving the target of ‘Housing for All’ by 2022. Some of the salient points in NAREDCO’s recommendations resonate with that projection. They are as follows:

  • Grant tax incentives to boost the segment.
  • More measures to ease the liquidity situation in the long-subdued real estate segment, including the one-time roll-over of loans given to developers.
  • No rent to be taxed for the period up to five years from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority.
  • Restructuring of loans or one time roll-over in case of the stressed assets at the options of banks. In such cases, the borrower will retain the asset classification of the restructured standard accounts as standard and the same will not be treated as NPA.
  • Interest rates on home loans should be below 7% per annum.
  • Stamp duty rates to be reduced by 50 per cent for all the real estate transactions entered and agreements registered on or before 31 March 2020.
  • Relaxation to be sought in the definition of affordable housing. The Rs 45 lakh price cap for the classification of a property as affordable housing to be done away with as it keeps most of the projects in the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) out of the ambit of “affordable housing”.

In our CW Budget 2021 series, we cover expectations from associations that represent our industries. Here is a list of expectations from Budget 2021 from National Real Estate Development Council (NAREDCO), the autonomous self-regulatory body set up in 1998 under the Ministry of Housing and Urban Affairs, Government of India. NAREDCO believes that rental housing will play a vital role in achieving the target of ‘Housing for All’ by 2022. Some of the salient points in NAREDCO’s recommendations resonate with that projection. They are as follows: Grant tax incentives to boost the segment.More measures to ease the liquidity situation in the long-subdued real estate segment, including the one-time roll-over of loans given to developers. No rent to be taxed for the period up to five years from the end of the financial year in which the certificate of completion of construction of the property is obtained from the competent authority.Restructuring of loans or one time roll-over in case of the stressed assets at the options of banks. In such cases, the borrower will retain the asset classification of the restructured standard accounts as standard and the same will not be treated as NPA.Interest rates on home loans should be below 7% per annum.Stamp duty rates to be reduced by 50 per cent for all the real estate transactions entered and agreements registered on or before 31 March 2020. Relaxation to be sought in the definition of affordable housing. The Rs 45 lakh price cap for the classification of a property as affordable housing to be done away with as it keeps most of the projects in the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) out of the ambit of “affordable housing”.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code