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New Delhi: The National Real Estate Development Council (NAREDCO), an organization of real estate developers, has said that the new government should undertake policy reforms to stimulate growth in the real estate sector and provide tax incentives to home buyers as well as developers to boost residential demand.
The body also sought simplification of the process for obtaining approvals for development. NAREDCO national president G Hari Babu said the real estate sector was at a critical juncture, with huge potential for growth but also several major challenges.EMIs.
In addition, making affordable housing more accessible by adjusting financial limits and providing builder incentives is important for growth, Hari Babu said. He said specific policy reforms are necessary to encourage growth in the real estate sector, especially in the affordable housing sector.
Pradeep Aggarwal, Founder and Chairman, Signature Global (India), said that the real estate sector along with the infrastructure sector is important to achieve the goal of 'Developed India'.
We believe that the new government will continue to focus on infrastructure development and the real estate sector beyond metros and big cities, as these have a huge impact on the economy. Agarwal expressed hope that the new government will also include income tax benefits on home loans in the new income tax rules.
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