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New Delhi [India], January 23 (ANI/PNN): The real estate sector contributes roughly 7 per cent to the national GDP, and it is the largest employment generator for the country by employing more than five crore people. As MMR Real Estate's nodal agency, CREDAI-MCHI has high hopes for the upcoming Budget and made several recommendations to make it a booster for the real estate sector. To begin with, we have reiterated our longstanding demand for industry status for real estate to ensure that developers have access to funding options for a more extended period, particularly for larger real estate projects. In addition, we anticipate that the Budget will consider our other delayed request for a single-window clearance system for real estate to facilitate business and attract investment in the sector. We have also recommended revising specific tax brackets, as there is an urgent need for income tax relief on purchasing a second home and revising the tax slab on long-term capital gains fr

New delhiHonourable finance ministryAffordable housingLinked subsidy schemePradhan mantri awas yojanaNew delhi indiaAnuary 23 ani pnn the real estate sector contributes roughly 7 per cent to national gdpNd it is the largest employment generator for country by employing more than five crore people as mmr real estate 39s nodal agencyRedai mchi has high hopes for the upcoming budget and made several recommendations to make ita booster real estate sector begin withE have reiterated our longstanding demand for industry status real estate to ensure that developers access funding options fora more extended periodArticularly for larger real estate projects in additionE anticipate that the budget will consider our other delayed request fora single window clearance system for real estate to facilitate business and attract investment in sector we have also recommended revising specific tax bracketsS there is an urgent need for income tax relief on purchasinga second home and revising the slab long term capital gains from real estateHich will significantly benefit home buyers and stimulate the real estate industry we have also proposed reducing capital gains from 20 per cent to 10Nd the holding period should be reduced to 12 months more importantlyE have provideda detailed proposal to redefine affordable housing and increase the current ceilings of rs 45 lakh in urban areas 30 rural isa subjective relative term that varies from time place therefore