India’s property consultants and real estate developers have demanded industry status to the real estate sector in the forthcoming Budget, 2012 - 13.
They have also sought incentives to promote affordable housing segment and an increase in the income tax exemption on housing loans.
Single window clearance..!
To boost supply, they have also asked for a single window clearance for real estate development projects and FDI (Foreign Direct Investment ) in multi-brand retail to create demand for retail space in shopping malls.
Mr. Anuj Puri, Chairman,Country Head, Jones Lang LaSalle India said, "Grant industry status to real estate, since the sector is a major driver for economic growth and generates countless jobs across its various verticals and associated industries. Relaxing norms for repatriation of FDI in real estate to attract more investment in the sector. One per cent interest rate subsidy provided by the central government for loans towards affordable housing should be "amplified and broadened" to include a wider price band of budget housing to benefit home buyers”
Benefits section 80C..!.
Property consultant DTZ said,’’The ceiling of home loans eligible to priority sector lending should be raised in view of high property rate.Increase in income tax exemption on housing loans to stimulate end user demand, particularly for mid-range housing. Principal repayments should be treated as a separate tax exemption entity and excluded from benefits under section 80C. Deductions towards the total interest payable on the home loan should also be increased from existing cap of Rs 1.5 lakh,”
Now, an individual is entitled to claim both the interest and principal components of home loan repayments for tax benefits. The ceiling under tax benefits is capped at Rs. 1.5 lakh towards the total interest payable on the housing loan and Rs. 1 lakh for principal paid.
CREDAI (Confederation of Real Estate Developers' Associations of India) requested the government to incentivise affordable housing segment and address the issue of high land cost and taxation issues.
They have also sought incentives to promote affordable housing segment and an increase in the income tax exemption on housing loans.
Single window clearance..!
To boost supply, they have also asked for a single window clearance for real estate development projects and FDI (Foreign Direct Investment ) in multi-brand retail to create demand for retail space in shopping malls.
Mr. Anuj Puri, Chairman,Country Head, Jones Lang LaSalle India said, "Grant industry status to real estate, since the sector is a major driver for economic growth and generates countless jobs across its various verticals and associated industries. Relaxing norms for repatriation of FDI in real estate to attract more investment in the sector. One per cent interest rate subsidy provided by the central government for loans towards affordable housing should be "amplified and broadened" to include a wider price band of budget housing to benefit home buyers”
Benefits section 80C..!.
Property consultant DTZ said,’’The ceiling of home loans eligible to priority sector lending should be raised in view of high property rate.Increase in income tax exemption on housing loans to stimulate end user demand, particularly for mid-range housing. Principal repayments should be treated as a separate tax exemption entity and excluded from benefits under section 80C. Deductions towards the total interest payable on the home loan should also be increased from existing cap of Rs 1.5 lakh,”
Now, an individual is entitled to claim both the interest and principal components of home loan repayments for tax benefits. The ceiling under tax benefits is capped at Rs. 1.5 lakh towards the total interest payable on the housing loan and Rs. 1 lakh for principal paid.
CREDAI (Confederation of Real Estate Developers' Associations of India) requested the government to incentivise affordable housing segment and address the issue of high land cost and taxation issues.
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