Boost housing to revive GDP growth: Credai
Apex real estate body Credai has urged the government to boost the housing sector to revive the country’s GDP growth. In its budget recommendations, Credai has highlighted the twin themes of affordable housing and slum redevelopment that could fuel the largest common Indian dream – of owning a home.
The recommendations put forth by Credai are aligned with the announced objectives of the Central Government on using infrastructure development to revive the economy. Credai believes the real estate industry can add to the GDP bottomline by 1-1.5% if efforts are made to reduce the shortage of urban housing while moving towards a slum free urban India.
The expectations recently shared in a pre-budget memorandum to the Govt of India are also derived from the prioritisation of affordable housing aforementioned in the Deepak Parekh Task Force Report constituted by the Ministry of Urban Development and Poverty Alleviation.
Commenting on the recommendations, Santosh Kumar Rungta, president, Credai, said: “We appeal to the government on the impetus to create and facilitate affordable housing – these are linked to the needs of the common man. The interest of developers is not only to prosper but build and serve the public purpose. We are optimistic that our recommendations to the Central Government will be evaluated with utmost importance and will put ‘affordable housing’ at the centre of public policy.”
Credai’s recommendations include:
1. Fiscal incentives for encouraging ‘Affordable Mass Housing’
2. Exemption of direct and indirect taxes to boost ‘Slum Redevelopment’ initiative
3. Easing norms on self occupies residential house property
4. Incentives for senior citizens in buying flats self and children.