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Pre Budget News

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(17 Jan 2025, 12:39)

CREDAI calls for increase in affordable housing defination cap of Rs 45 lakh

The Confederation of Real Estate Developers' Associations of India (CREDAI), which represents over 13,000 developers, has urged the government to introduce a fixed 15% income tax rate for affordable housing projects in the upcoming Union Budget 2025. The industry body believes this measure will encourage developers to prioritize affordable housing, addressing the increasing demand for low-cost homes. CREDAI has also proposed revising the affordable housing definition, which currently caps the price at Rs 45 lakh - a limit unchanged since 2017 despite a 50% rise in real estate prices. It recommends aligning this cap with current market realities to make affordable housing projects viable for developers and accessible to buyers. CREDAI has also suggested increasing tax deductions for individuals on home loan principal and interest payments to make homeownership more affordable.
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