Sop booster needed for the construction sector- CREDAI Maha
construction worker silhouette on the work place
Pune, 25 January 2022: “The Corona pandemic has adversely affected the Construction sector. Many other industries that depend on it are also fighting with unseen financial crisis. Hence the realty & allied sector are pinning their hopes on the government to revive this ailing sector by announcing various sops in coming budget session”, expressed Sunil Furde, President, CREDAI Maharashtra.
Furde, who represent 61 cities through CREDAI Maharashtra, emphasized on their demand made to the Central & State Got for the reduction in stamp duty, extension of PMAY and CLSS to Pradhan Mantri Awas Yojana till March 2023, standardized deduction on rental income from 30% to 50%, increase in income tax deduction on home loan from Rs 2 lakh to Rs 5 lakhs.
“Last year, the government had given a rebate on stamp duty on home purchases. It had a positive effect on home buying and selling transactions. However, this concession should be extended this year too. Hence, the consumers will be encouraged to buy a home thereby increasing government’s revenue. Also, the stamp duty for purchase of houses up to Rs. 50 lakhs should be reduced. The Income tax deduction limit on home loan interest should be increased up to Rs. 5 lakhs. Such remedies will benefit the common man. Also, the price of affordable housing should be increased from Rs 45 lakhs to Rs 75 lakhs along with discount on interest rates on home loans are some of the important demands of CREDAI Maharashtra,” he said
“CREDAI had recently conducted a survey wherein developers suggested the Govt to take proactive measures to prevent any major losses to the sector due to the third wave of Covid-19. The developers also emphasized on controlling the cost of raw materials, getting input tax credit on GST, increasing the availability of funds, streamlining and speedy approval of projects and to encourage more investment in the business will also be considered for the betterment of homebuyers & the construction sector alike”, echoed Furde.
