New Delhi [India]Jan 29 (ANI): Financial benefits provided by Prime Minister Awas Yojana (PMAY) and the Credit Linked Subsidy Scheme (CLSS) should be extended to the middle income group, said Rajeev Talwar, former chairman of PHDCCI.
Speaking to ANI, Talwar said the government is focusing on “housing for all” and that India needs to build affordable 8-10 crore houses over the next 20 years. To provide every Indian with affordable housing, the government should extend the financial benefit of the PMAY and CLSS scheme to the middle income group (MIG) to encourage housing consumption.
He also said the government should increase the standard deduction from 30% to 50% as this would result in a better rental yield in residential property.
Talwar added, “We have seen how supportive government policies such as stamp duty reductions, low interest rates on home loans and infrastructure development have supported the sector. We expect the EU budget to announce customer-friendly measures, such as tax breaks for homebuyers, to encourage and empower them. »
Talwar urged the government to put in place provisions to promote home ownership and affordable and rental housing, as well as support development enterprises.
Another expectation is to extend the tax relief to home buyers by increasing the tax deduction cap for home loans from Rs 2 lakh per year to Rs 5 lakh per year. This would have an encouraging impact on homebuyers, especially first-time buyers across the country, he said.
Talwar said stamp duty reduction in Maharashtra has yielded good results. If this can be reflected in other states as well, fence keepers would be quick to take the plunge, further boosting real estate. (ANI)
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