Builders in the real estate sector are urging the incoming government to enact policy reforms and lower home loan interest rates, with the aim of stimulating housing demand and ensuring sectoral growth. The National Real Estate Development Council (NAREDCO), the leading body representing realtors, is actively pushing for tax incentives for both homebuyers and developers, as well as simplification of project approval procedures.
Tax Incentives and Financing Adjustments Crucial for Affordable Housing: G Hari Babu, the National President of NAREDCO, highlights the importance of specific policy reforms targeted at affordable housing. He emphasizes that adjustments to financial limits and incentives for builders are crucial for promoting affordable housing. Additionally, he stresses the need to address rising home loan Equated Monthly Installment (EMI) payments and implement sustainability incentives to achieve the industry’s growth goals. Babu proposes setting lower interest rates for affordable housing loans in the initial years, relieving the burden on middle-class families.
Financial Incentives and Regulatory Ease: The government is urged to introduce financial incentives such as tax breaks and subsidies for sustainable building practices and affordable housing projects. This move would not only encourage environmentally friendly construction but also make affordable housing more accessible for the general public. Easing regulatory constraints and streamlining approval processes would further bolster the growth prospects of the real estate sector.
Stability and Investor Confidence: Anuj Puri, Chairman of Anarock, underlines the crucial relationship between a stable government and investor confidence. He emphasizes the need for policy reforms aimed at incentivizing both buyers and investors, indicating that a supportive regulatory framework will attract more investments into the real estate market. These investments are necessary for long-term growth, employment opportunities, and economic development.
Importance of Infrastructure and Government Support: Pradeep Aggarwal, Founder & Chairman of Signature Global India, further emphasizes the significance of infrastructure and real estate sectors for national development. He hopes for continued government support, including tax benefits and relief from Goods and Services Tax (GST), to help facilitate sectoral growth. Aggarwal’s statement highlights the vital role of the government as both regulator and enabler, ensuring the sustained growth and contribution of the real estate sector to India’s overall economic development.
Looking ahead with Policy Support and Sectoral Reforms: The real estate sector in India is calling for policy reforms and proactive support from the government to unlock its full potential. Lowering home loan interest rates and implementing tax incentives would create a conducive environment for homebuyers and developers, ultimately driving housing demand. Simultaneously, easing regulatory constraints and streamlining project approval processes would reinforce the sector’s growth prospects. As the new government takes charge, it is expected to focus on these vital issues that impact the real estate domain and the broader national economy, working towards sustainable development and affordable housing for all.
