NAREDCO Calls for Major Real Estate Reforms Ahead of FY25 Budget
NATIONAL REAL ESTATE DEVELOPMENT COUNCIL (NAREDCO)
An autonomous self-regulatory Real Estate body under the aegis of Ministry of Housing and Urban Affairs, Govt. of India.
The National Real Estate Development Council (NAREDCO) has put forth several recommendations for the real estate sector ahead of the Union Budget for FY 2024-2025. These recommendations aim to address existing challenges and stimulate growth in the real estate sector, ultimately contributing to the government’s goal of 'Housing for All'.
Key recommendations include:
Several recommendations have been put forth by NAREDCO for the real estate sector ahead of the FY 2024-2025 Union Budget. These aim to address challenges and promote growth, supporting the 'Housing for All' initiative.
Annual value of property held as stock-in-trade should not be taxed for up to five years instead of the current two years, to help developers in weak market conditions.
Interest deduction on loans for self-occupied property should be increased from Rs 2 lakh to Rs 5 lakh under Section 24 of the Income Tax Act. The limit for setting off house property losses against other income should be raised or removed entirely.
GST options for builders should include paying at a concessional rate without ITC or at a higher rate with ITC. This would improve cash flows and reduce tax costs for developers, benefiting end customers.
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Affordable housing definition should be revised to focus only on carpet area, removing the price cap. This would accommodate higher land prices in metro cities and extend benefits to more projects.
Importance of reforms is emphasized to provide relief to developers, stimulate demand, and create a favorable environment for builders and homebuyers, contributing to the 'Housing for All' vision.
These recommendations aim to create a favorable environment for both developers and homebuyers by addressing critical tax and regulatory issues in the real estate sector.
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