Real estate developers seek budget sops
January 7th, 2010 - 10:55 pm ICT by IANS ( Leave a comment )
New Delhi, Jan 7 (IANS) Real estate sector representatives Thursday urged Finance Minister Pranab Mukherjee to continue with the current bank interest rates besides giving it the status of an infrastructure industry and concessions on Direct Taxes Code (DTC).
“We have asked the finance minister to continue with the current bank interest rates for real estate and for home finance,” Kumar Gera, president of the Confederation of Real Estate Developers Associations of India (CREDAI) - the apex body of real estate players - told reporters after meeting the finance minister.
Mukherjee met the representatives of the industry as part of the pre-budget consultation exercise.
The minister also discussed issues confronting the real estate and ways to speed up work for developing infrastructure for the Commonwealth Games to be held in the national capital later this year.
Leaders of the real estate sector, besides seeking infrastructure industry status, also urged Mukherjee for inclusion of tax concessions on housing loans in the Direct Taxes Code (DTC), an issue over which the government has invited feedback.
“We have also asked for relaxation in FDI norms for the sector such as a three-year lock-in period,” Gera said.
Mukherjee had met industry representatives Tuesday and farmers Wednesday as part of pre-budget consultations.
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Tags: apex body, bank interest rates, budget consultation, commonwealth games, confederation, consultation exercise, credai, direct taxes, finance minister, home finance, housing loans, industry representatives, infrastructure industry, jan 7, pranab mukherjee, real estate developers, real estate sector, sector representatives, sops, tax concessions
