NAREDCO requests FM for special package for real estate sector

Real estate body, NAREDCO has requested to Finance Minister Arun Jaitley today for special package for real estate sector to pull sector out from present crisis. Sunil Mantri, president, NAREDCO, a delegation of few key members met with Finance Minister.

"It was nice and healthy discussion with Finance Minister where he agreed on almost all the issues raised by the council. He told us that under the leadership of Prime Minister, Narendra ji Modi, Government has decided to create 20 million housing units to kick start the economy, achieve higher GDP growth, create more jobs and above all provide shelter to all," Sunil Mantri said. 

NAREDCO President placed before Finance Minister the important issues for his consideration which are necessary for the revival of Indian economy in general and real estate sector in particular.

Sunil Mantri brought to the notice of Finance Minister that Housing Sector has been kept out of the Infrastructure definition while water supply, sanitation, sewage, solid waste management, road etc which are part and parcel of a housing project are in it. He emphasized that it is our long outstanding demand that Housing should be included in the Infrastructure definition under Section 80IA of IT Act 1961 as it has the potential to improve funding of housing projects and augment supply of housing which will help in meeting the target of housing for all by 2022.

Mantri also suggested re-introduction of section 80IB (10) of IT Act to encourage developers to undertake large scale affordable housing construction, interest subvention of home loans to bring it down to 7-8% and increase in limit of priority sector lending to Rs. 50 Lakh in mega cities where land cost id very high. He suggested that to enable middle and low income people to purchase houses Govt. may consider housing as a priority sector and extend loans at moderate interest rate, equivalent to RBI repo rate, for all housing units costing upto Rs.60 lakhs and loan limit of Rs 50 lakhs.

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