New government should work towards increasing residential demand with policy reforms, real estate developers expressed their demand

The National Real Estate Development Council (NAREDCO), an organization of real estate developers, has stated that the new government should provide tax breaks to both homebuyers and developers in order to boost residential demand, as well as implement policy reforms to promote real estate growth.

The organization also demanded that the approval process for development be simplified. According to NAREDCO National President G Hari Babu, the real estate sector is at a critical juncture, with tremendous growth potential but also numerous significant challenges.

We need government support to reach a one-trillion-dollar market by 2030 and become a net zero-carbon industry by 2047. He said that it is necessary to implement major policy reforms and introduce sustainability incentives to deal with the rising home loan EMI.

Hari Babu said that in addition, making affordable housing more accessible by adjusting financial limits and providing incentives to the builder is important for growth. He said that specific policy reforms are necessary to encourage growth in the real estate sector, especially the affordable housing sector.

Pradeep Agarwal, Founder and Chairman of Signature Global (India), said that the infrastructure sector along with the real estate sector is important to achieve the goal of 'Developed India'.

We believe that the new government will continue its focus on infrastructure development and real estate sector beyond metros and big cities, as they have a huge impact on the economy. Agarwal expressed hope that the new government will also include income tax benefits on housing loans in the new income tax rules.