In Budget 2023-24, CREDAI Proposes Tax Breaks and Expansion For Affordable Housing

AFFORDABLE HOUSING - CREDAI

The Confederation of Real Estate Developers' Associations of India (CREDAI) requested an increase in tax deductions for housing loan interest payments, rental income, and investments in real estate via REITs in a letter to the Finance Ministry.

Additionally, CREDAI has fought for the growth and standardisation of the affordable housing idea. These measures are intended to foster demand and sustain growth in the real estate sector, which is now experiencing a comeback led by end users.

The Affordable Housing sector in India is predicted to produce millions of jobs and contribute significantly to GDP, with a cascading effect on job creation and economic development in more than 256 related and auxiliary companies.

However, rising retail inflation and frequent repo rate hikes may have a short-term impact on housing demand and increase the cost of home purchases for consumers.