Unlocking Affordable Housing: CREDAI's Budget Proposals to Boost Supply

The Confederation of Real Estate Developers' Associations of India (CREDAI) has proposed a 15% income tax rate for affordable housing projects in the upcoming Budget. This, along with revised definitions and tax incentives, aims to increase the supply of affordable homes that are crucial for many Indians.

The Confederation of Real Estate Developers' Associations of India (CREDAI) has recommended a 15% income tax rate for affordable housing projects in the forthcoming Budget, asserting that this would drive the supply of low-cost homes amid high demand.

Representing over 13,000 developers, CREDAI has presented several recommendations to the government to address the challenges facing the real estate sector. Key suggestions include redefining affordable housing, offering tax incentives for developers, and increasing the home loan interest deduction limit for homebuyers.

CREDAI President Boman Irani emphasized the real estate sector's significant contributions to GDP and employment. Stressing the necessity for government support, Irani outlined plans to provide 7 crore homes and create 2 crore jobs in the next seven years, believing these measures will bolster growth and support India's economic goals.

(With inputs from agencies.)