The union budget of this year is coming in a month and the Confederation of Real Estate Developers’ Association of India (CREDAI) has high expectations for the realty sector. Aiming to boost small and affordable houses in the system, CREDAI has asked for including an inclusive housing policy in the form of special housing zones in the budget.
In a direct appeal to the finance minister Mr. P Chidambaram, CREDAI has also requested for tax relaxations so as to reinvigorate the real estate industry. The tax exemption for small houses of less than 60 square metres of carpet area and building of special housing zones (45 square metres houses for LIG groups and 30 square metres houses for the EWS) in the line of SEZ which will also be tax exempted has been proposed in the wish list.
It’s high time we have looked compassionately at the weaker sections. The need of houses at present time is enormous, since the country is short of more than 10 million houses. What we need now is affordable houses and lowering of home loan rates to an easy 7.5%. Also home loans must cover 90% of the total cost.
But this is not the end of wish list. The slum rehabilitation projects must be given priority and incentives should be given to the builders (if private).
The wish is lengthy and effective. However it all depends on the finance ministry and their budget. The outcome is expected to fuel the realty industry and benefit the people who are in desperate need of home.