Quick Summary
The Confederation of Real Estate Developers' Associations of India (CREDAI), representing 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. Revise Affordable Housing Definition, Enhance Tax Incentives CREDAI has also proposed revising t
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FAQ :
CREDAI is requesting a fixed 15% income tax rate for affordable housing projects and a revision of the current affordable housing price definition.
The current price cap of Rs 45 lakh for affordable housing has not been updated since 2017, despite significant increases in real estate prices, making it difficult for developers to build and buyers to afford.
CREDAI suggests increasing tax deductions for individuals on both the principal and interest components of home loans.
The share of affordable housing in new property supply has been declining, which CREDAI highlights as a growing concern affecting overall sales.
The real estate sector is a significant contributor to India's GDP, directly and indirectly influencing 53% of it, and provides employment to over 8 crore people.
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