1 February Preparations are in full swing to present the general budget. The real estate sector has high expectations from the Union Budget 2025-26. In this connection, representatives of the National Real Estate Development Council (NAREDCO) met Finance Minister Nirmala Sitharaman in the pre-budget meeting on Monday and made several demands. After attending the pre-budget meeting with the Finance Minister NAREDCO Chairman Niranjan Hiranandani Said that there is a need to increase easy funding in the affordable housing segment. Apart from this, many suggestions were made to promote the development of energy, urban development and road infrastructure.
Tax exemption limit on home loan interest increased
Hiranandani said the current deduction (under the Income Tax Act) in home loan is Rs 2 lakh, which is very low. It needs to be increased to at least Rs 5 lakh.” Apart from Hiranandani, GMR Group Business Chairman BVN Rao, Afcons Infrastructure Limited Managing Director S Paramasivan and Renew Group Chairman Sumant Sinha and many others attended the meeting.
Real estate will create an economy worth Rs 5 trillion
The real estate sector continues to boom. However, due to increase in the cost of raw materials, property has become expensive. Despite this, the morale of home buyers has not diminished. Record sales of homes are taking place across the country. The realty sector is expecting big relief from the budget. Regarding expectations from the budget Veteran realty expert and CMD of Antriksh India Rakesh Yadav Said that home buyers and the real estate sector have their eyes on Finance Minister Nirmala Sitharaman. The limit of tax exemption on home loan interest has been Rs 2 lakh for a long time. During this period the price of houses has reached crores. In such a situation, there is a need to increase this limit to Rs 5 lakh. At the same time, subsidy should be given on home loans to encourage first-time home buyers. To accelerate employment generation in the real estate sector, it is important to provide single window options including easy funding to developers.
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