The National Real Estate Development Council (NAREDCO), an organization of real estate developers, has said that the new government should provide tax incentives to homebuyers and developers to boost residential demand and make policy reforms to grow the real estate sector.
The organization also demanded that the process of obtaining development approval be simplified. NAREDCO National President G Hari Babu says that the real estate sector is at a critical juncture, with great growth potential and many big challenges.
We need government support to reach a market size of one trillion dollars by 2030 and to become a net zero-carbon industry by 2047. He said that to deal with the rising home loan EMIs, it is necessary to implement major policy reforms and introduce sustainability incentives.
Hari Babu said that, in addition, making affordable housing more accessible by adjusting financial limits and providing incentives for builders is important for development. He said specific policy reforms are necessary to encourage growth in the real estate sector, especially the affordable housing sector.
Pradeep Aggarwal, Founder and Chairman of Signature Global (India), said that the infrastructure and real estate sectors are important to achieving the goal of a ‘Developed India’.
We believe that the new government will continue to focus on infrastructure development and the real estate sector beyond metros and big cities, as these greatly impact the economy. Aggarwal hoped the new government would include income tax benefits on home loans in the new income tax rules.
