Vishal Gokhale, Managing Director, Gokhale Constructions It has been a long standing demand of the real estate sector either to reduce or remove GST applicable for the under construction flats. We hope that FM and the GST council considers this in the coming budget. In the past few years demand for bigger homes has increased thus an increase in home loan tax benefit will be beneficial for both the home buyer as well as the real estate sector since it is expected to boost the sale of properties.
Anil Pharande, President, CREDAI-Pune Metro CREDAI advocates cheaper home loans, tax benefits for investments in housing, and longer loan repayment cycles to boost housing demand and enable more people to buy their dream homes, which will contribute in achieving the Government’s policy of ‘Housing for All by 2022’.
We recommend amendments in Section 80IBA of affordable housing, which along with the home-buyers will also benefit the construction sector. We expect that our demand regarding the removal of Section 71 (3A) of the Income Tax will be considered, so that more people will be encouraged to buy their own homes instead of living in rented space.We are also expecting additional support from the government to control the rising input costs besides streamlining faster approvals for the projects, introducing credit input on GST and increasing availability for funding, streamlining and faster approvals for projects which require urgent interventions.
Arvind Jain, Secretary, CREDAI-Pune Metro COVID-19 pandemic has surged bigger homes demand; amendment in affordable housing definition will boost housing sales. Demand for bigger homes even from smaller cities presses further the need to revisit the affordable housing definition to include larger homes.We recommend an amendment to Section 80C to increase the limit for repayment of housing loan principal or alternatively introduce another section for deduction with respect to Principal repayment.We urge to increase the interest deduction for homebuyers for tax rebate under section 24(B) to boost the overall home buying sentiment. It will encourage the homebuyers to invest in the real estate and increase the demand in the market. We also suggest the removal of 1.5 lakhs limit on interest paid towards home loans to boost demand and raise the ceiling of home
