Mehul Thakur of Viva Homes requests industry status for real estate
Mehul Thakur, Director of real estate firm Viva Homes, has made clear his expectations of PM Narendra Modi-led government to boost the growth of the real estate sector by focusing on infrastructural development.
“Infrastructural development has been at the forefront of the new government’s agenda on account of its potential to propel economic growth significantly. We have already seen the positive impact of infrastructure development on the real estate markets,” said Thakur.
Thakur says that he has great expectations from the budget. This includes support to incentivize affordable housing and permit higher tax exemption limits n interest and principal repayments for home buyers. He believes this would be of tremendous help to the real estate markets, and is hopeful it could be incorporated soon.
Thakur also made a suggestion, wherein he requested the government to ensure separate industry status for real estate, which, according to him, would enormously boost domestic bank lending, Foreign Direct Investment (FDI), and External Commercial Borrowing (ECB).
He says that since the deduction of Rs. 1, 50, 000 for interest paid on home loan was introduced in 2010, the property rates have skyrocketed, and multiplied by about four or five times. He requested the government to enhance the limit of interest payment of loan to atleast Rs. 5 lakhs per annum, which would aid the housing industry.
Source- The Economic Times
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