New Government must bring policy reforms in realty sector NAREDCO

The real estate sector is at a crucial point, with great growth potential but significant challenges. To reach a market size of USD 1 trillion by 2030 and become a net-zero carbon industry by 2047. Realtors body NAREDCO https://www.naredco.in/ on Tuesday demanded that the new government should bring policy reforms for growth in real estate sector and provide tax incentives to home buyers as well as developers to boost housing demand. The association also sought streamlining of getting approvals to develop projects. Lok Sabha elections 2024, NAREDCO National President G Hari Babu said, "The real estate sector is at a crucial point, with great growth potential but significant challenges. To reach a market size of USD 1 trillion by 2030 and become a net-zero carbon industry by 2047, we need government support." This can be achieved by setting the first Rs 20 lakh or Rs 25 lakh of a home loan at a 5 per cent interest rate for the first five years, the NAREDCO President said. Pradeep Aggarwal, Founder & Chairman, Signature Global (India), the infrastructure sector along with the real estate sector is key for achieving the goal of 'Vikshit Bharat'. We also expect the new government to address some of the challenges faced by these sectors and take the lead in convincing the GST Council https://gstcouncil.gov.in/ to ease the burden of Goods and Services Tax (GST) on both developers and consumers said. 
 

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