Govt As Well As Realtors To Focus On Affordable Housing

Last year the Indian real estate market was badly hit by financial turmoil that resulted in low demand and huge amount of debt. However, it didn’t change the fact that by 2010 India will be facing a shortage of over 25 million homes
 
 
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Feb. 26, 2010 - PRLog -- Last year the Indian real estate market was badly hit by financial turmoil that resulted in low demand and huge amount of debt. However, it didn’t change the fact that by 2010 India will be facing a shortage of over 25 million homes all mostly in the affordable housing space. Industry experts say this year the focus of the government should and would be on affordable housing. The focus should be on home loans, incentivising developers to build low cost housing and to enable funds to be more easily accessible for the sector.

Overall, housing constitutes 70 per cent of India’s real estate sector and employs almost 20 million people and sops for housing are a must. “Housing and infrastructure will be the trigger for growth over the next two decades. Affordable housing should be the focus. PPP projects need to be encouraged and other measures like extending 80(i) b needs to be considered,” said Dharmesh Jain, chairman of real estate body, CREDAI. CREDAI has submitted its recommendations for this year’s Budget to the finance minister. These include raising the limit of principal amount reduction on home loans to Rs 3 lakh from current Rs 1 lakh.CREDAI has suggested extension of tax holiday for housing projects under Section 80 IB (10) to allow for new Lower and middle income projects. CREDAI has suggested ECBs to be permitted for funding costs of those real estate projects which qualify for 100 per cent FDI. Other recommendations include: reduction of capital gains burden under 56 (B); time limit for notification of Industrial Parks be extended to 31st March 2015; removal of service tax on renting of immovable property, affecting mainly the commercial segment and clearance of REITs as investment vehicles.“We need to able to give investors an opportunity to invest in commercial property. Measures like REITs need to come into play,” said Pranay Vakil, chairman of Knight Frank. The last couple of years saw an impetus on infrastructure and roads but this year the industry is hoping those roads will lead to affordable housing for all.  ......http://www.maaproperties.com/Pages/ModuleContent.aspx?Mod...

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