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Raising cap for deducting interest payments on Home loans is a real need in upcoming union budget : Savills India

Hyderabad, Jan 16 (UN) Raising the cap for deducting interest payments on home loans to Rs 5 lakh is a real need and should be a key consideration in the upcoming union budget, said Anurag Mathur, CEO, Savills India.
In a statement while sharing on budget expectations for the Real Estate sector on Monday, Anurag said an area of high priority for the government is increasing tax benefits for home buyers.
The real estate sector is looking to the Union Budget with expectations of further support in the form of policies that will not only benefit the industry but also have a positive impact on the overall economy of the country, he said.
Higher allocation for the SWAMIH fund will be a great help for stalled projects, he said several sectors like life sciences, data centres, EVs, warehousing are poised for high growth in India. Infrastructure status for the real estate sector will act as a catalyst for these sectors too.
Increased funding for social welfare programs, measures to control prices of essential goods and services, and initiatives to create job opportunities will all be expected from the upcoming union budget, said a Spokesperson from Savills India, India’s premier professional international property consulting firm.
“The Indian economy has grown at a strong rate in recent years, fueled by consumer demand and government efforts to promote manufacturing and attract foreign investment, despite global uncertainty. However, there are potential challenges, mainly emanating from a variety of external factors, which can slow the pace of economic activity and keep inflation stubbornly close to RBI’s outer limit of tolerance, he said.
Hence, there is a greater anticipation from the upcoming budget. While the industry will look for higher budgetary allocations, easier capital availability and greater relaxations, the middle-class population, which has not had many direct sops in the recent past, will eagerly look forward to direct.
In a separate statement, Mr. Devanshu Bansal, Director, UK Realty said “The Indian residential market sales have been at a decade high in 2022 and to continue this growth momentum, the sector will need some financial support in the upcoming Union Budget 2023.
In the budget, it is imperative to update the affordable housing policy by revising the price capping so that it can be in sync with the market dynamics of different cities, he said this move will also enable more homes to qualify for affordable housing.
Currently, the unit size is 60 sq.m carpet area, which is suitable. However, the price range of up to Rs. 45 Lakh under affordable housing across India’s metro cities such as Mumbai is definitely something that needs to be brought into focus, where an upward range of Rs.85 Lakh or more seems more appropriate, he added.
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