"We expect the New Govt to provide tax incentives for Home buyers", points Realty Authorities

Indian Realty body National Real estate development council – NAREDCO showed their concern and demanded that the new central government should carry significant policy to foster the growth in real estate industry and offer tax incentives for home buyers and developers to enhance the demand for housing in India. 

Also the realty bodies asked to simplify the process of attaining approvals for development projects. 

Commenting to the Lok Sabha election results 2024, G Hari Babu, NAREDCO National President says, “The real estate sector is at a crucial point, with great growth potential but significant challenges. To reach a market size of USD 1 trillion by 2030 and become a net-zero carbon industry by 2047, we need government support. 

“Addressing rising home loan EMIs, implementing key policy reforms, and introducing sustainability incentives are essential”. We expect the government to implement policy reforms and incentives to support the growth and sustainability of the real estate sector. These reforms could include financial incentives for sustainable building practices and subsidies or tax breaks for developers who focus on affordable housing projects,” Babu added.

Similarly, Anuj Puri, Anarock Chairman says, “A stable government with a strong focus on development and increased expenditure to build assets reinforces the confidence of global investors who are hoping for a wider spread of options in India. Simultaneously, a strong opposition is always supportive of a vibrant democracy.”

Likewise, Samir Jasuja, CEO  & MD of Real estate information company, PropEquity, pointed out that real estate prices have surged in recent years, nearly doubling in the last four years.

On the contrary, he said, tax deductions offered on home loans haven’t kept pace. In effect, the benefit of these deductions has been halved taking into account the rising property values. In order to achieve the government objective of USD 1 trillion real estate industry, reforms are needed to incentivize both buyers and investors”.