Confederation of Real Estate Developers’ Association of India (CREDAI) State general secretary K. Subhash Chandra Bose on Tuesday said that infrastructure development was very much needed for the real estate sector as its growth would create a huge direct and indirect employment in urban areas.
Reacting to the Union Budget presentation by Finance Minister Nirmala Sitharaman, he said that allocation of ₹48,000 crore for the construction of 18 lakh houses would spur economic activity in the country.
“It is a good step to concentrate on low-cost housing as it would benefit the poor. However, the middle class eagerly waited for enhancement of interest rebate in the income tax up to ₹5 lakh from the existing ₹2 lakh. Unfortunately, it was not considered. The reduction in the GST on raw materials has also not been considered. The reduction in tax burden would help the builders construct apartments at affordable rates. Further, reduction of interest on housing loans and slash in stamp duty and registration charges would fulfil the dreams of many to have their own houses in cities and towns,” said Mr. Bose, who is also managing director of the Pride Developers.
“The real estate sector provides livelihood to many people and contribute nearly 8% of the GDP. Its growth will help the government generate more income with collection of taxes in various forms. The Central and State governments should look into the issues pertaining to the sector,” he added.
Mr. Bose urged the government to bring in the necessary changes to ensure skill-based education system, saying thatit would benefit the housing sector in the long run.
