Kolkata Real Estate Developers Seek Budget Reforms to Address Rising Housing Costs

Real estate developers in Kolkata call on the government to adjust housing policies in the forthcoming Union Budget. They urge revisions in tax benefits, affordable housing definitions, and GST rates to boost the market, especially for mid-income buyers, amidst rising land and construction costs.

Real estate developers in Kolkata are urging the Union government to recalibrate housing policies in light of increasing land and construction costs as part of the upcoming Union Budget. Key demands include enhanced tax benefits for homebuyers and updates to the definition of affordable housing.

Industry experts highlight that revisiting price caps for affordable homes, rationalizing the GST on under-construction properties, and streamlining approval processes could significantly boost demand, particularly within the mid-income segment. These concerns come as the Union Budget is slated to be tabled on February 1.

CREDAI West Bengal's president, Sushil Mohta, along with other stakeholders, emphasized the need for policy reforms that align with current market realities, underscoring the importance of rental housing promotion, expanded access to housing finance, and sustained infrastructure investment to ensure the real estate sector's growth in eastern India.

(With inputs from agencies.)