NEW DELHI: The minister for Urban Development and Housing M Venkaiah Naidu has said that the government is considering to introduce tax breaks for affordable housing to make achieve the BJP government’s proposed plan of securing housing for all by 2020.
Acknowledging that the present slowdown in the real estate sector was due to the overall economic situation, he said the government has plans to see a turnaround of the sector soon.
He said that to make housing loans available for every citizen of this country, the government will soon announce a subvention scheme on home loans for middle and lower income groups.
Underlining the need of the revival of housing sector to boost the overall economy, Naidu said at a function in New Delhi that, "We need to relook at urban India and economic development, which will lead to advancement of India. We understand that we cannot progress in achieving our Housing 2020 plan without the support of private sector.''
He said with the help of various government-aided schemes he was confident that the contribution of the real estate, which is now 6 per cent to the GDP, will go up to 13 per cent by 2022.
While addressing a conference of real estate developers, Naidu said, "Housing sector has tremendous growth potential and the second largest employer in the country."
Providing Modi’s remedy for economic recovery, he said, "3D Modi is the remedy for economic recovery and rapid growth. Since Narendra Modi is dynamic, decisive and dares to think big, these dimensions are making him popular both within and outside the country."
Lalit Jain, chairman of real estate body CREDAI, said the government should streamline approval processes which will help revive the real estate sector.
Rejecting the claim that the proposed real estate regulatory bill will affect private investments, Naidu said, the bill would instead enhance the credibility of the sector. He also said his ministry has given top priority to pass the bill in the current session of Parliament.
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