Realtors seek tax relief, land to build affordable homes

MUMBAI: Realtors' body NAREDCO today demanded tax relief and increase in land supply to develop affordable homes so as to help achieve the government's ' Housing for All' objective.

NAREDCO, in association with Asia Pacific Real Estate Association (APREA), is organising 2-day ' Real Estate and Infrastructure Investors' Summit 2016' here.

In his welcome address, Niranjan Hiranandani, President NAREDCO West, stressed on public-private partnership at various levels - from the Centre to local government.

Stating that affordable housing has huge potential, he called for simplifying and reducing the taxation to creates millions of houses that a common man can buy.

"We support our Prime Minister's call of Housing for All where there is a need to build more than two crore houses. Developers face hurdles in terms of land, environment and other issues by activists who hamper development and create impediments which contradict the very purpose of affordable housing. We need to create this as a housing revolution," Hiranandani said.

Rajnish Kumar, Managing Director, National Banking Group, State Bank of India, said: "Real estate like any other industry has also experienced ups and downs."

Calling for business based on sound principles, he called for time-bound completion of housing projects to check spiralling costs.
"Our focus must be on finding new avenues in raising funds and completing projects on time," Kumar said.