Will this budget be a springboard for millions chasing the dream of affordable housing or a mere stopgap? Ahead of Interim Budget 2024, experts share their wishlist: tax breaks, fund boosts, and a vital industry status for real estate .
SWAMIH Fund: In its letter to the finance minister, Nirmala Sitharaman, NAREDCO reiterated its long-standing request for allowing the option of claiming input tax credit by residential project developers with higher GST.
The National Real Estate Development Corporation (NAREDCO), the apex body of real estate developers in India, has urged the Union Finance Minister to remove income tax on unsold flats and demand MSME status for access to low interest loans. The developers body has recommended phase two of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund for stressed projects and ITC under GST for residential projects ahead of Budget FY25.
In a letter to Union Finance Minister Nirmala Sitharaman, NAREDCO has sought other budgetary relaxations, including allowing input tax credit under GST