CREDAI seeks tax sops to boost real estate sector

Pitching for an inclusive housing policy and special housing zones to boost small and affordable houses, developers apex body CREDAI has appealed to Union finance minister P Chidambaram to initiate widespread tax incentives for making real estate the new growth engine of the economy.

In his Budget wishlist, CREDAI national president Lalit Kumar Jain suggested the finance minister to allow tax exemption for small houses of under-60 sq mtr of carpet area and creation of special housing zones with tax exemptions on the lines of SEZ for constructing 45 sq mtr houses for low income groups and 30 sq mtr houses for the economically weaker sections.

"It is high time that the government took a pragmatic and practical look at the real estate sector today and take steps that help the industry in particular and the economy in general," he said.

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