NEW DELHI:
The real estate industry today sought more tax incentives and lower interest rates for the home buyers in the upcoming Budget to revive demand.
Besides, it sought infrastructure status for housing.
Addressing a real estate conference organised by RICS, CREDAI President (Elect) Getamber Anand said the Government should provide some fiscal incentives to the real estate developers to build affordable housing.
NAREDCO Chairman Naveen Raheja said: “There should be some stimulus for the home buyers in form of lower interest rates.”
“Please give infrastructure status to housing if not the entire real estate,” Raheja said in his budget wish list.
Speaking on the occasion, CBRE South Asia Chairman and Managing Director Anshuman Magazine felt that infrastructure development and low cost funding were key for the revival of the sector.
“Sales are down. It is worst than post-global financial crisis. Sales are not happening so this is good opportunity to buy,” Magazine said, adding that “we are at the bottom, it can only go up from here”.
Embassy Office Parks CEO Michael Holland demanded that the Government should provide some clarification on tax treatment of Real Estate Investment Trusts (REITs), particularly on Dividend Distribution Tax (DDT). (AGENCIES)
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