Credai Urges Government for Tax Benefits and Incentives in Upcoming Budget

Credai has urged the government to offer more tax benefits to homebuyers, provide incentives for affordable housing, and streamline the approval processes in the new Budget. The body emphasizes that these measures are necessary for the sustained growth of the real estate sector which significantly contributes to GDP and employment.

The realtors' body Credai has called on the government to provide enhanced tax benefits for homebuyers, alongside incentives for builders to develop low-cost homes. Additionally, Credai wants the approval process for real estate projects to be streamlined ahead of the upcoming Budget.

In their statement, Credai highlighted various recommendations aimed at boosting the real estate sector's growth. These include measures like simplified approval processes and subsidies for developers involved in affordable housing projects.

Credai's recommendations also mention the need for unlimited interest deductions on the first self-occupied property or an increase in the current deduction limit from Rs 2 lakh to Rs 5 lakh. The association believes these changes are essential for stimulating demand and overcoming long-standing challenges in the sector.