NAREDCO's Bold Push: Redefining Affordable Housing for a Brighter Future

NAREDCO has requested the government to increase the deduction limit for home loan interest to Rs 5 lakh and redefine affordable housing to include homes up to Rs 80 lakh. The body also seeks industry status for the real estate sector to stimulate its growth and enhance its contribution to India's GDP.

Real estate body NAREDCO has urged the government to amplify the deduction limit on home loan interest from the current Rs 2 lakh to Rs 5 lakh in the upcoming budget. The association also advocates for granting industry status to the real estate sector, a move it believes will boost growth significantly.

During a recent press event, NAREDCO Chairman Niranjan Hiranandani highlighted the need for revised affordable housing definitions, suggesting an increase in the price cap to Rs 75-80 lakh. He stressed the importance of housing as crucial infrastructure, urging the government to use its land for affordable housing projects.

President Parveen Jain underscored the necessity of promoting rental housing with incentives, noting the low rental yields in the sector. He renewed the call for industry status, citing the potential for cheaper loans and enhanced sector contributions, with projections of reaching USD 1 trillion by 2030.

(With inputs from agencies.)