NAREDCO Calls for Enhanced Housing Loan Deduction and Infrastructure Status in Budget

The National Real Estate Development Council (NAREDCO) advocates for increasing the housing loan interest deduction limit from Rs 2 lakh to Rs 5 lakh and seeks infrastructure status for the housing sector in the upcoming Budget. Discussions also covered affordable housing growth, rental housing focus, and capital gains tax loopholes.

The National Real Estate Development Council (NAREDCO) on Monday advocated for a significant increase in the deduction on housing loan interest payments, urging a rise from Rs 2 lakh to Rs 5 lakh. Additionally, the council pressed for housing to be granted infrastructure status in the forthcoming Budget.

Following a pre-budget discussion with Finance Minister Nirmala Sitharaman, NAREDCO Chairman Niranjan Hiranandani emphasized the need to boost funds channeled into the affordable housing sector. Citing a recent decline in affordable housing growth, he highlighted the importance of continuing to support initiatives like the Pradhan Mantri Awas Yojana scheme.

The meeting, attended by notable industry figures including GMR Group Business Chairman BVN Rao and ReNew Group Chairman Sumant Sinha, also addressed capital gains tax issues. The discussions extended to suggest improvements in rental housing and emphasized enhancing support for Indian infrastructure companies operating internationally.

(With inputs from agencies.)