The NAREDCO president said that he would focus on increasing interactions with the government for the growth of the real estate sector, especially the affordable housing segment.
Budget session to would conclude on April 8. The Houses will adjourn on February 15 and meet again on March 8. New Delhi: Realtors body Naredco on Thursday urged the government to hike deduction on home loan interest to Rs 5 lakh from Rs 2 lakh limit at present and re-introduce subvention scheme in the upcoming Budget to boost sales of residential properties and create housing revolution. The association also sought incentives for rental housing and more stress funds to help complete distressed and stalled projects. Last three years have been extremely difficult for the real estate industry. The reforms like demonetisation and realty law RERA as well as the liquidity challenges in the NBFCs post-IL&FS crisis hit demand. The industry went through tough times, Naredco National President Niranjan Hiranandani told reporters through a video conference.
States must cut stamp duty to boost housing sales: Naredco President Niranjan Hiranandani Stating there was need to set up more stress fund like the government-backed Rs 25,000 crore Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, he said the centre should enable banks and financial institutions to set up at least five similar funds totaling Rs 1,25,000 crore. PTI Niranjan Hiranandani The Maharashtra government s decision to reduce stamp duty on registration of properties has helped boost housing sales in the Mumbai region during this pandemic and other states should follow suit to give a filip to the real estate sector, Naredco President Niranjan Hiranandani has said.