Mr. Lalit
Kumar Jain, National President ,CREDAI
Realty developers'
apex body CREDAI expressed the disappointment over the Finance Minister missing
out on affordable & rental housing and banking reforms. However, on the
positive side, Mr. Lalit Kumar Jain, National President CREDAI, also praised
the Union Finance Minister P Chidambaram for accepting the suggestion for
housing loan interest incentives for the buyers.
"An additional
deduction of Rs.1 lakh will be allowed
for first time housing loan borrowers taking a loan up to Rs. 25 lakhs. CREDAI also welcomes the
interest deduction of an additional Rs. 1 lakh for home loan borrowers, taking
the allowance to Rs. 2.5 lakhs, for all self-owned properties.
However, the
developer community expressed its disappointment over the fact that the Finance
Minister has not given any directions to the RBI on the imperative to support
real estate funding.
We have been
requesting the government for long to help revive the real estate sector,which
will help rejuvenate the economy,"says Mr. Lalit, who feels let down in
their demand for infrastructure status not being met.
CREDAI criticised the
government for not withdrawing TDS on transactions on immovable property.
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